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On neckline of double-top pattern

On neckline of double-top pattern | 04 November 2013

04 November 2013, GBP/USD

GBP/USD has fallen to 1.5900, completing the final down-leg of a double top reversal pattern. All that remains is a break below the neckline, which would be marked by a move below 1.5880 perhaps – or more conservatively 1.5850. Such a break would probably generate a down-target to 1.5490, or to the most recent count on the 7.5 pip chart, calculated from the 20 box column down which has generated a target at 1.5615. Nevertheless, there has been no definitive break below the neckline yet and so technically the up-trend is still just intact, therefore there is the possibility of a bounce from the current support level, with 1.6000 as an initial target. Watch data, which might provide clues to the next move.
On neckline of double-top pattern
Mark Satcher
Analyst of «FreshForex» company
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