The GBPUSD chart shows the signs of weakening upward momentum. The formed patterns indicate a possible slowdown in growth momentum and an increase in the probability of a correction trend.
The formation of a classic Double Top reversal pattern is observed on the chart. The main signal for confirmation of the pattern is the breakthrough of the neckline, which was drawn through the minimum between the two peaks at the level 1.32723. Now the price has broken through this line, which confirms the reversal nature of the pattern.
When it comes to GBPUSD short positions now look more preferable. For aggressive trading, a trader can enter the market at the current prices. Advocates of a more conservative strategy should wait for the level to be retested.
📌 Entry: 1.32694
✔️ First target: 1.32271
✔️ Second target: 1.31969
❌ Stop order: 1.33100
GBPUSD M2: After the formation of two tops of a technical pattern, the price breaks the neckline
