FXEM - EMPIRE MARKETS - Company New Article

The GBP/USD price returns to test the 1.2415 levels, providing signals of a possible return to the main bearish path and stopping the current bullish correction.

For now, we prefer to remain neutral until we get a clearer signal for the next direction, noting that breaking the 1.2415 then 1.2380 levels will pressure the price to decline and target the 1.2240 then 1.2100 areas as main negative stations, while breaking 1.2490 will lead the price to rush towards 1.2609 directly.

The EUR/USD price has been trading negatively since yesterday, and by looking closely at the chart, we find that the price has formed a head and shoulders pattern whose confirmation level is located at the current areas around 1.0385, and therefore, breaking this level will push the price to continue declining and achieve our negative targets that start at 1.0325 and extend to 1.0220 after breaking the previous level.

From here, we continue to favor the downward trend in the coming period, taking into account that breaking 1.0455 will stop the expected decline and lead the price to make an upward correction in the immediate and short term.