I wouldn’t buy Pound. At the H4 currency trading chart we can see “head & shoulders” reversal pattern forming, we’ll use it to sell the pair. We recommend you to start selling only after the neckline is broken, the stop must be hidden above 1.5660. The target is in the area of 1.5515.
Yesterday the price didn’t grow, the rising channel was broken, which led to the significant fall of the rate. Currently we have a descending pattern with the target in the area of 1.0314. We can try to sell the pair, the stop must be hidden behind 1.0430. Don’t forget to move stop into the black as soon as possible.
After the rising pattern had been formed, we could seethe formation of another pattern, the descending one, with the target in the area of 133.89. At the moment we can expect the formation of “head & shoulders” reversal pattern with the target of 131.38
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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