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.
A classic Double Top reversal pattern is being formed on the chart. The breakdown of the neckline at the level of 1.31214 serves as the main signal for confirmation. Next we can consider two possible scenarios for the development of events. The first scenario assumes the price fixing below the neckline and a further price decline. In the second scenario, the price may return behind the neckline, which may lead to the pattern being canceled and the upward movement continuing.
It is recommended to focus on short positions on GBPUSD. Entry points can be detected now or upon the technical confirmation after a retest of this level.
📌 Entry: 1.31214
✔️ First target: 1.30966
✔️ Second target: 1.30800
❌ Stop order: 1.31421
GBPUSD M15: There are signs of weakness in the upward momentum
