Title
Potential double top reversal on GBPUSD
Type
Bullish Bounce
Preference:
Price is seeing a potential double top reversal that could push prices down to major support at 1.1625 which is a pullback support and a 38.2% Fibonacci retracement.
Take note that the potential selling area is at the pivot at 1.1838 which is also the neckline.e.
Alternative scenario:
If prices don't break this pivot strongly, we could see a reversal and price to go back up to resistance at 1.1999.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.