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

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.2624 is likely to encourage a continuation of the downward trend.

According to the chart of M30, GBPUSD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 1.2658 while the median line of the Neck is found at 1.2630/1.2649. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of GBPUSD will go towards 1.2688

The technical pattern called Head and Shoulders has appeared on the chart of GBPUSD M15. There are weighty reasons to suggest that the price will surpass the Neckline 1.2674/1.2679 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.2657.

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 1.2683 is broken, the downward movement will continue.

On the chart of the GBPUSD M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.2660, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 21 points.