Technical Analysis: GBPUSD Mid US Session

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Technical analysis of GBPUSD(Pound vs US Dollar) at the middle of US session.

Indicator Used:

Chart Analysis:

GBPUSD technical analysis

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.

GBPUSD indicator signal

Market Forecast:

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.

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