FX.co ★ Patterns GBPUSD | British Pound (GBP) to US Dollar (USD) Rate in the Forex market

According to the chart of M5, GBPUSD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.2558 and support 1.2539. In case the resistance level 1.2558 - 1.2558 is broken, the instrument is likely to follow the bullish trend.

The Double Top reversal pattern has been formed on GBPUSD M5. Characteristics: the upper boundary 1.2558; the lower boundary 1.2540; the width of the pattern is 16 points. Sell trades are better to be opened below the lower boundary 1.2540 with a possible movements towards the 1.2525 level.

The Bearish Flag pattern has been formed on GBPUSD at M15. The lower boundary of the pattern is located at 1.2522/1.2560 while the upper boundary lies at 1.2558/1.2596. The projection of the flagpole is 76 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 1.2522 is broken, the price will move further downwards.

The Bearish pennant pattern has formed on the GBPUSD M15 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.2522 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

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 1.2624, with the prospect of the next move being a projection of the flagpole height.

The Double Bottom pattern has been formed on GBPUSD M15. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 1.2578 is broken. The further movements will rely on the width of the current pattern 16 points.

According to the chart of M15, GBPUSD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 1.2679 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -43 pips.

The Bearish Flag pattern has been formed on the chart GBPUSD M5. Therefore, the downwards trend is likely to continue in the nearest term. As soon as the price breaks below the low at 1.2684, traders should enter the market.

The Bearish pennant pattern has formed on the GBPUSD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.2684 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

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 1.2709, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 18 points.