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

According to the chart of M30, GBPUSD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.2320 is likely to encourage a continuation of the downward trend.

According to the chart of M15, GBPUSD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.2367 - 0.0000 and support 1.2320 – 1.2320. In case the resistance level 1.2320 - 1.2320 is broken, the instrument is likely to follow the bearish trend.

The Double Bottom pattern has been formed on GBPUSD M5; the upper boundary is 1.2451; the lower boundary is 1.2440. The width of the pattern is 10 points. In case of a break of the upper boundary 1.2451, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Bullish Flag pattern which signals continuation of a trend has been formed on the chart GBPUSD M5. Forecast: if the price breaks above the pattern high at 1.2491, then traders will be able to place a long deal with the target at 1.2506.

The Bullish pennant pattern is formed on the GBPUSD M5 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 1.2491, a further uptrend is possible.

The GBPUSD M30 formed the Head and Shoulders pattern with the following features: The Head’s top is at 1.2574, the Neckline and the upward angle are at 1.2531/1.2523. 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 1.2493.

On the chart of GBPUSD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.2433; the lower boundary 1.2413; the width of the pattern 20 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.2391 level.

On the chart of GBPUSD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.2433; the lower boundary 1.2423; the width of the pattern 10 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.2408 level.

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 1.2387 is broken, the downward movement will continue.

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 1.2389 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -26 pips.