Bias turns bullish in GBPUSD as correction completes
Using correlation and chart formations ,GBPUSD looks be bullish today. Either buying a dip or break holds solid risk/reward trades.
No indication that the GBPUSD trend is changing from the monthly chart
This could also be seen as a possible right shoulder in a bullish reverse Head and Shoulders pattern offering a very good risk/reward trade.
Head-and-shoulders pattern possibly emerging
Management and risk description
A break of 1.3405 would confirm the head-and-shoulders breakout.
Entry: long 1 unit at 1.3046 and will buy again at 1.3015.
Target: intraday 1.3225. AB=CD formation at 1.3638 (1.3660 would close the gap left open on June 24). Head and shoulders would be 1.4150.
— Edited by Martin O'Rourke
Non-independent investment research disclaimer applies. Read more