GBPUSD has formed head & shoulder pattern at the top. It has achieved its first target, which was at support 1 and it bounces back from support 1 to retest the neckline. Now, it is also trading in descending channel pattern, as shown in the chart, we might see a downside in GBPUSD , as it is facing the resistance of neckline and resistance of channel pattern. One can initiate the short side trade with proper risk management and stop-loss just above the resistance line of channel pattern.

Thanks

Vivek_Samale
Vivek_Samale

I have half a decade of experience as a trader and enthusiastically learning & developing new strategies in algorithm trading & also analyzing the companies with New ESG method.