Trading Tips:GBPUSD has made quite a few attempts to break the resistance at 1.565 and looks to have formed a double top. If this pattern is validated, GBPUSD could see a quick decline down to 1.55165 which marks the measured move of the double top pattern and also forms the major support level that we have noted. On the daily charts, price has been moving sideways but there is a potential ascending triangle pattern being formed with resistance at 1.567. If the lower time frame double top pattern is validated, GBPUSD could see a decline to 1.5516 which could then give way for a test to 1.5324.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5640 TARGET 1.5660 1.5690 SL 1.5610
SELL GBP/USD BELOW 1.5505 TARGET 1.5485 1.5455 SL 1.5535
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