Technical Analysis

Sterling Faces Resistance At $1.30


The GBPUSD pair is currently moving in a bearish direction on the daily charts, noting that the pair has been on the rise since the ‘flash crash’ approaching the 1.30 psychological level, which may be crucial in its direction in the coming days.

As depicted on the previous chart, the GBPUSD pair is moving below the ascending trend line and about to complete a Harmonic Shark pattern. which makes the pair in a potential reversal zone at 1.3000 levels and may face a strong decline.

It is not preferable to sell or buy now, as the pattern has not been completed yet, but the closest scenario is to see a rise to the previously mentioned levels then a drop thereafter. So, please wait, especially ahead of tonight’s critical Parliamentary Brexit vote, until the pair reaches clear resistance levels that would allow a good selling opportunity.

Share Article