GBP/USD 08.22.2019 – Confirmed inverted head and shoulders pattern

Source: Forex Analysis

GBP/ISD did successful breakout of the inverted head and shoulders pattern and there is the big chance for more upside. Watch for buying on the dips.

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Important levels to watch:

Resistance levels:

1.2390

1.2422

Support levels and downward targets:

1.2180

1.2114

Based on the 4H time-frame, I found strong breakout of the neckline (green trendline) and confirmation that there is a completion of the inverted head and shoulders pattern, which is sign that there is a big chance for more upside. MACD oscillator is showing the new momentum on the upside, which is good confirmation for our bias. Major projection and upside target is seen at the price of 1.2390. Major support for the GBP is set at the price of 1.2180 (recent swing highs).

My advice is to watch for buying opportunities with the target at 1.2390.

The material has been provided by InstaForex Company – www.instaforex.com