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

The technical pattern called Head and Shoulders has appeared on the chart of GBPUSD H1. There are weighty reasons to suggest that the price will surpass the Neckline 1.3749/1.3779 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.3739.

According to the chart of M30, GBPUSD formed the Head and Shoulders pattern. The Head’s top is set at 1.3846 while the median line of the Neck is found at 1.3792/1.3779. 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 1.3749.

The Bullish Flag pattern has been formed on GBPUSD at M5. The lower boundary of the pattern is located at 1.3835/1.3831, while the higher boundary lies at 1.3839/1.3835. The projection of the flagpole is 12 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 1.3839 is broken, the price will move further upwards.

The Bullish pennant signal – Trading instrument GBPUSD M5, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 1.3839, with the prospect of the next move being a projection of the flagpole height.

The Double Top pattern has been formed on GBPUSD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.3835 is broken, the downward movement will continue.