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

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.3439/1.3461 and upper border is 1.3478/1.3461. The pattern width is measured on the chart at -39 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GBPUSD breaches the lower border, the price could continue its move toward 1.3446.

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.3523 is likely to encourage a continuation of the downward trend.

According to the chart of M30, GBPUSD formed the Head and Shoulders pattern. The Head’s top is set at 1.3574 while the median line of the Neck is found at 1.3549/1.3549. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GBPUSD will go towards 1.3519.

The Bearish pennant pattern has formed on the GBPUSD M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 1.3547, a trader will be able to successfully enter the sell position.

The Double Top pattern has been formed on GBPUSD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.3549 is broken, the downward movement will continue.