FX.co ★ Patterns GBPUSD | British Pound (GBP) to US Dollar (USD) Rate in the Forex market

On the chart of GBPUSD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.2709; the lower boundary 1.2700; the width of the pattern 9 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.2678 level.

According to the chart of M5, GBPUSD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.2675 and support 1.2666. In case the resistance level 1.2675 - 1.2675 is broken, the instrument is likely to follow the bullish trend.

The GBPUSD M30 formed the Head and Shoulders pattern with the following features: The Head’s top is at 1.2699, the Neckline and the upward angle are at 1.2675/1.2665. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of GBPUSD will go towards 1.2635.

The Double Bottom pattern has been formed on GBPUSD M5; the upper boundary is 1.2671; the lower boundary is 1.2665. The width of the pattern is 6 points. In case of a break of the upper boundary 1.2671, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Triple Top pattern has formed on the chart of the GBPUSD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 1.2613/1.2648 with the upper limit 1.2669/1.2676; the projection of the width is 56 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 1.2613, the price is most likely to continue the downward movement.

On the chart of GBPUSD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 1.2671; the lower boundary 1.2613; the width of the pattern 58 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 1.2598 level.

According to the chart of M5, GBPUSD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 1.2590 and 1.2584 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 6 pips. Outlook: If the upper border 1.2590 is broken, the price is likely to continue its move by 1.2602.

On the chart of the GBPUSD M15 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.2580, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 12 points.

The Bullish pennant pattern is formed on the GBPUSD M30 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 1.2592, a further uptrend is possible.

The Triple Bottom pattern has been formed on GBPUSD M15. It has the following characteristics: resistance level 1.2561/1.2559; support level 1.2552/1.2551; the width is 9 points. In the event of a breakdown of the resistance level of 1.2561, the price is likely to continue an upward movement at least to 1.2574.