GBP/USD Head and shoulders
Sterling pound is struggling on different levels:
1- BOE disappointed investors by providing less liquidity than anticipated.
2- Brexit woes.
3- Fear of second Covid-19 wave.
4- Economic recession
All those factors are weighing on the pair which almost completed a head and shoulders pattern on the 4H chart, but still waiting for confirmation.
Bears and bulls are now fighting over the neckline support.
Traders must wait for a confirmation/close below this level for a safer short position.
Good luck
1- BOE disappointed investors by providing less liquidity than anticipated.
2- Brexit woes.
3- Fear of second Covid-19 wave.
4- Economic recession
All those factors are weighing on the pair which almost completed a head and shoulders pattern on the 4H chart, but still waiting for confirmation.
Bears and bulls are now fighting over the neckline support.
Traders must wait for a confirmation/close below this level for a safer short position.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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