Mon, Mar 01, 2021 @ 06:58 GMT
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GBP/USD Back Above 1.3611, The Double Top Low

The British pound sterling continues its strong reversal price action as prices our trading currently above the 1.3611 level.

This was the low from the double top pattern that had formed previously. If we see a strong close above 1.3611, then it would potentially keep the GBPUSD within a sideways range.

This would mean that the cable will be trading back within the 1.3701 and 1.3611 levels.

For the moment, however, the stochastics oscillator still remains somewhat weak as far as the bullish bias is concerned.

As a result, a reversal near 1.3611 could potentially reiterate the downside buyers. This would then open the way for the cable to test the 1.3506 level of support.

 

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