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.
Chart date range11-Jun 03:45 GMT-> 14-Jun 21:30 GMT Data Interval15 Minutes
GBP/USD 2 hours
Target Level 1.470798
Target Period 2 hours
Stop Level 1.4772
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
Downward sloping Moving Average
(F) 1.4787 Last resistance turning point of Rising Wedge.
(B) 1.4772 Last resistance turning point of Head and Shoulders.
(A) 1.4729 Last support turning point of Head and Shoulders.
(E) 1.4722 Last support turning point of Rising Wedge.
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