The range in the Cable

The 15-minute GBP/USD has consolidated into a narrow trading range between resistance at 1.4787 (F) and 1.4772 (B) and support between 1.4729 (A) and 1.4722 (E). This sideways price action is confirmed by the flat moving average line and the 50 reading on the RSI both suggesting there is little to no momentum in this market at this time. Wait for prices to break higher or lower before assuming a follow-through in either direction. Keep in mind that the daily chart of the GBP/USD is still in a strong downtrend and that a bearish sentiment is the overall opinion of the pair. There is also significant intraday resistance at 1.4759 and 1.4809.

daily forex.png

Chart date range11-Jun 03:45 GMT-> 14-Jun 21:30 GMT Data Interval15 Minutes

GBP/USD 2 hours

Summary
Target Level 1.470798
Target Period 2 hours
Stop Level 1.4772

Analysis
Head and Shoulders has broken through the support line at 14-Jun 21:30 GMT. Possible bearish price movement forecast for the next 2 hours towards 1.470798

Supporting Indicators
Downward sloping Moving Average

Resistance Levels
(F) 1.4787 Last resistance turning point of Rising Wedge.
(B) 1.4772 Last resistance turning point of Head and Shoulders.

Support Levels
(A) 1.4729 Last support turning point of Head and Shoulders.
(E) 1.4722 Last support turning point of Rising Wedge.

  • laxsri

    Hi,

    I seem to be missing something here as I could not find the H&S pattern in the 15 min chart. Also, how do I upload a chart.

    Can you please let me know as where am I going wrong :-(

  • laxsri

    Hi,

    I seem to be missing something here as I could not find the H&S pattern in the 15 min chart. Also, how do I upload a chart.

    Can you please let me know as where am I going wrong :-(