- Summary:
- GBPUSD potential double top puts pressure on bulls. If the price breaks the series of higher lows, the downside should intensify.
The GBPUSD continues its march higher. It had a terrific month so far in November, but the month is not over yet. While the price action remains constructive, there are still two trading days left without today until the trading month ends.
The cable pair looks to have formed a strong bullish trend. It keeps pushing to new higher highs while holding the higher lows series. Make no mistake, this is bullish price action.
However, the recent attempt at the highs failed to make a new higher high. Can we consider a double top?
With a little over a month until the Brexit transition period ends, the GBP still hovers around the 1.30 level. We should not discount a move back to it as we come closer to the end of the year trading.
GBPUSD Technical Analysis
The technical picture is simple enough. Bears want to see the price breaking low the rising blue line first. Next, the GBPUSD should break the series of higher lows. On such a move, bears would like to sell against the double top’s level and having a take profit set at a level that respects the 1:2 risk-reward ratio.
GBPUSD Price Forecast
