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

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 1.2953 is broken, the downward movement will continue.

The Double Bottom pattern has been formed on GBPUSD M5. 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 1.2950 is broken. The further movements will rely on the width of the current pattern 10 points.

The GBPUSD M5 formed the Head and Shoulders pattern with the following features: The Head’s top is at 1.2964, the Neckline and the upward angle are at 1.2927/1.2930. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of GBPUSD will go towards 1.2915.

The Double Bottom pattern has been formed on GBPUSD M15. Characteristics: the support level 1.2926; the resistance level 1.2945; the width of the pattern 19 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 18 points.

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 1.2926 is broken, the downward movement will continue.

The Triple Top pattern has formed on the chart of the GBPUSD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 1.2941/1.2946 with the upper limit 1.2957/1.2959; the projection of the width is 16 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 1.2941, the price is most likely to continue the downward movement.

The Double Top reversal pattern has been formed on GBPUSD M15. Characteristics: the upper boundary 1.2957; the lower boundary 1.2941; the width of the pattern is 18 points. Sell trades are better to be opened below the lower boundary 1.2941 with a possible movements towards the 1.2918 level.

The Bearish pennant pattern has formed on the GBPUSD M15 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 1.2900, a trader will be able to successfully enter the sell position.

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.2922/1.2931 and upper border is 1.2939/1.2931. The pattern width is measured on the chart at -17 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 1.2916.

According to the chart of M5, GBPUSD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 1.2944, the lower border is 1.2921. The signal means that a short position should be opened after fixing a price below the lower border 1.2921 of the Bearish Rectangle.