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

The Double Bottom pattern has been formed on GBPUSD M5. Characteristics: the support level 1.2538; the resistance level 1.2546; the width of the pattern 8 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 8 points.

According to the chart of M5, GBPUSD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.2538 is likely to encourage a continuation of the downward trend.

The Triple Bottom pattern has been formed on GBPUSD M5. It has the following characteristics: resistance level 1.2516/1.2514; support level 1.2506/1.2505; the width is 10 points. In the event of a breakdown of the resistance level of 1.2516, the price is likely to continue an upward movement at least to 1.2519.

According to the chart of M30, GBPUSD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 1.2475/1.2513 and upper border is 1.2563/1.2513. The pattern width is measured on the chart at -88 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 1.2483.

The Bullish Flag pattern has been formed on GBPUSD at M5. The lower boundary of the pattern is located at 1.2480/1.2480, while the higher boundary lies at 1.2484/1.2484. The projection of the flagpole is 19 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 1.2484 is broken, the price will move further upwards.

According to the chart of M5, GBPUSD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 1.2486 – 1.2486 and upper border 1.2493 – 1.2493. In case the lower border is broken, the instrument is likely to follow the downward trend.

The technical pattern called Head and Shoulders has appeared on the chart of GBPUSD H1. There are weighty reasons to suggest that the price will surpass the Neckline 1.2506/1.2523 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.2483.

According to the chart of M5, GBPUSD formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 1.2557 – 1.2557 and upper border 1.2568 – 1.2568. In case the upper border is broken, the instrument is likely to follow the upward trend.

The Double Top pattern has been formed on GBPUSD M30. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.2506 is broken, the downward movement will continue.

The Double Top pattern has been formed on GBPUSD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.2456 is broken, the downward movement will continue.