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GBPUSD Technical Overview Ahead of UK Wages

GBPUSD Technical Overview Ahead of UK Wages

Cable is set for a fresh direction. Markets await UK jobs and wages data for the next move.

The risk-off sentiment, firmer US dollar sends Cable lower.
May’s Plan B could keep the corrective slide cushioned.

The new direction of the pair will be determined by two patterns.

As seen on the chart – white area – there is an emerging triangle pattern. Meantime, we see a Head and Shoulders pattern is being printed.

The baseline of the triangle resides at 1.28200 where it meets the neckline of the SHS pattern.

A bearish breakout of the triangle where the SHS pattern starts to work would send the pair 1.27800 1.27500 and 1.27200.

A bullish breakout will lead Cable 1.29350 and 1.30000.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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