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20.01.202014:01 Forex Analysis & Reviews: Trading plan for GBP/USD for January 20, 2020

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Technical outlook:

GBP/USD seems to be carving an inverted head and shoulder pattern as displayed on the daily chart here. The Head is seen at support around 1.1950/60, the Left Shoulder could be around 1.2500/50, the Neck Line was broken at 1.3380/90 earlier respectively. Since GBP/USD hit 1.3515 levels, the Cable pair seems to be retracing lower and may be carving the potential Right Shoulder around 1.2500 levels. Furthermore, please note that fibonacci 0.618 retracement is also converging around 1.2550 levels. GBP/USD is seen to be trading around 1.3000 levels at this moment of writing and could be looking to drop sharply towards the 1.2550 support, before resuming higher again. Please note that the boundary that is being worked upon is between 1.1950/60 and 1.3515 respectively. Once the pullback is complete, we can expect bulls to resume pushing higher at least towards 1.4200 zone.

Trading plan:

Buy around 1.2550, stop @ 1.1950, a target is open.

Good luck!

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