GBP Is Set for a Rendezvous with a Triple Top Pattern
GBPUSD touched the resistance level at 1.24 for the third time since last December. There is no sell signal for the GBPUSD, but we may expect one over the coming days. As it is well known that one the most popular candlestick patterns, the “absorption,” gives us around a 35-40% chance that signals will become active. It’s one of the easiest patterns to recognise as it consists of two candlesticks where the second one is larger than the previous one and it is visually clear that the second one seems to absorb the first one. When black candlesticks absorb white ones, it is at this moment that GBPUSD should be sold. Another indicator to be tracked is the 200 EMA on 5-15-30 minutes chart. Candles should go below this moving average and remain there to signal a downside move to 1.20. In another scenario, the price is likely to bounce above the 1.24 price and climb towards 1.26.
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