GBPUSD Forecast: Breakout or Double Top?
Thanks for the information.
sly
No way it's a double top. You should look at a higher timeframe to determine whether it is a double top or a Breakout.
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The GBPUSD finally break above key level 1.6660 on Friday, topped at 1.6732 and closed at 1.6709 on a better than expected GDP data. Usually, a breakout from a long period of range market would produce significant bullish momentum. However, as shown on h1 chart below, we seem to have potential double top formation around 1.6750 area as a potential warning of a downside pullback.
Here is what I have in mind: although the nearest bias is strongly bullish, I will wait for a clear break above 1.6750 area for a bullish confirmation . A failure to move above that area should lead us to a downside correction back towards 1.6660. CCI about to cross the 100 line down on h1 chart suggesting potential downside rebound.