The
GBPUSD
chart has been shaping the right shoulder of the head and shoulders pattern, a common indicator of bearish sentiment.
The chart displays the classic head and shoulders pattern, which often suggests a bearish trend. We have already seen the formation of the left shoulder and head, with the right shoulder in the making.
This recent price action suggests a persistent downward trend, aligning with the ongoing bearish sentiment.
Key Levels to Watch:
The critical juncture for potential reversal is around the 1.23700 price level. Until then, it is reasonable to anticipate further downside in the GBPUSD pair.
Disclaimer: This analysis is solely an opinion and should not be considered as financial advice. Trading involves risks, and decisions should be made based on thorough research and your personal risk tolerance.
GBPUSD
chart has been shaping the right shoulder of the head and shoulders pattern, a common indicator of bearish sentiment. The chart displays the classic head and shoulders pattern, which often suggests a bearish trend. We have already seen the formation of the left shoulder and head, with the right shoulder in the making.
This recent price action suggests a persistent downward trend, aligning with the ongoing bearish sentiment.
Key Levels to Watch:
The critical juncture for potential reversal is around the 1.23700 price level. Until then, it is reasonable to anticipate further downside in the GBPUSD pair.
Disclaimer: This analysis is solely an opinion and should not be considered as financial advice. Trading involves risks, and decisions should be made based on thorough research and your personal risk tolerance.