Forex Trading Library

GBPUSD Fails Near the Technical Resistance Once Again

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The British pound sterling managed to reverse the declines to retest the 1.3000 handle on Friday.

However, price action failed to breakout past this level and turned lower as a result.

This possibly marks a double top pattern that is emerging near the 1.3000 level.

If price continues to drift lower and breaks down past the recent swing low near 1.2879, then we expect a decline to the 1.2750 support.

Given that the previous decline failed to test this support area thoroughly, the double top pattern, if validated could trigger the retest of the support area.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

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