FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Double Top pattern has been formed on GBPJPY M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 211.44 is broken, the downward movement will continue.

The Double Bottom pattern has been formed on GBPJPY M5. Characteristics: the support level 211.44; the resistance level 211.74; the width of the pattern 30 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 30 points.

According to the chart of M15, GBPJPY formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 208.19 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -126 pips.

On the chart of GBPJPY M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 209.19; the lower boundary 208.19; the width of the pattern 100 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 207.96 level.

According to the chart of M5, GBPJPY formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 208.93 – 208.93 and upper border 209.24 – 209.24. In case the lower border is broken, the instrument is likely to follow the downward trend.