Technical analysis of GBPUSD(Pound vs US Dollar) at the middle of US session.
Currently, pound formed a “W” pattern in a downtrend, which indicates reversal, a possible uptrend. Last low was also a higher low indicating weakness in the downtrend. The market broke the neckline of the W pattern.
By looking at the trend dashboard chart, we can see on 5 minutes chart all technical indicator is showing green, positive.
All are indicating upward direction until it stays above the neckline of the W pattern 1.2767. Anything below it could continue the downtrend again.
Another thought, it can take a pitstop around the major S1 1.2751, so if need to buy then this can be a safe area.
In spite of in the middle of US session, there is news release coming “CB Consumer Confidence” in 15 minutes. So we can expect some volatility.