Home GBP/USD technical analysis: Head and shoulder pattern is driving the Cable sharply below 1.3000 figure

GBP/USD technical analysis: Head and shoulder pattern is driving the Cable sharply below 1.3000 figure

Published date: 13 May. 2019 | 17:57

GBP/USD daily chart

GBP/USD is trading down sharply as bears break the 1.3000 figure.
GBP/USD is trading just near its 200 SMA at 1.2958 level.

GBP/USD 4-hour chart

Cable formed a head and shoulder pattern sending the currency pair below the 1.3000 figure.

GBP/USD 30-minute chart

The picture worsened considerably as the market is approaching 1.2940 support. A breach below that level can see the 1.2900 figure on the cards for bears.
Resistance is seen at 1.2990 and 1.3020/50 levels.

Additional key levels

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