There is a potential double-top pattern on the GBPUSD 3H chart around the new monthly high.
Price Action 📊
After the break above the previous monthly high at 1.24286, the market traded with further momentum and reached the new monthly high at 1.25058, then had a pullback to the neckline support at 1.23740. The market is now re-testing 1.25058, and if there is a hold here with no further bullish momentum, the pattern will become a double top and will likely target the neckline support again.
Fundamental Analysis 📰
We have BoE Governor Bailey speaking later, so we must be wary. Depending on what he says, the market could react very aggressively.
Support 📉
1.23740: NECKLINE SUPPORT
Resistance 📈
1.25058: MONTHLY HIGH
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Reward 💰 At least 4% of your capital.
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