GBP/USD created a double top pattern on the four-hour time frame, suggesting that the pair is getting set for another run lower.
Price is currently testing the neckline between 1.2000 and 1.2050, and a break below that level would signal the start of selling.
The RSI has a bit more room to go lower before indicating that the sellers need a break also on H4, the price is moving below the ichimoku cloud and within the downward trendline.
• There is resistance 1.20300 followed by resistance at 1.20525 and 1.21118.
• There is support at 1.20014, Below, there is 1.19666 and 1.19258.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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