the daily chartist

Double trouble for Cable

published 1 year ago
GBP/USD Daily

Sterling has also been placed under pressure as uncertainty grows surrounding the Brexit deal if it happens at all by the end of this year. We've seen some resilience from the Pound, showing some gains against weakening dollar across the board as we had a test on the upper trend line of the descending channel, test on the 200 daily moving average and all failed. Price quickly returned to inside the bearish wedge to form a double top as well. We had a breach on the wedge line a test on the 23.6 Fibo and the price has returned inside. Demarker has reversed forming a sell signal. Price is under the 1.3000 price level as well. 

With all that, we can take sell positions with an appropriate stop loss level at 1.31000. There is a potential for the price to go down towards the 1.26613 price level for a take profit.