GBP/USD-Daily analysis

3 mai 2020

Hello everybody!

-On a daily chart, we can see that the price formed a double top pattern.

-The double top pattern is a reversal pattern so we may expect some bearish movement.

-We can see that the double top pattern tested and rejected dynamic and static resistance. Dynamic resistance is a 200 period simple moving average(blue) and static resistance is a simple resistance line(yellow line).

-On a daily base, GBP is weaker than USD and on a weekly base, GBP is stronger than USD.

-If USD remains stronger and GBP weaker than we can expect bearish movement and if USD remains weaker than GBP then we can expect bullish movement.

-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!

THANKS FOR READING!

-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.

-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.

4 mai 2020

Note

GBP is very weak and USD is very strong at this moment so we have bearish movement!