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GBPUSD may be due for a correction but beware of thin liquidity

The GBPUSD pair has been in a strong downtrend. However, profit taking, low liquidity, volatility and other “holiday” spices may turn the table. As I always advised, due to previously mentioned factors, holiday trading should be very limited.

Technically GBPUSD has made an inverted Head and Shoulders pattern and if it manages to stay above 1.4870 we could see 1.4950 and 1.5010 levels just after the holidays. L3, DPP, E89 are constituting a strong confluence and if it were normal trading conditions this could be almost perfect setup. But because of thin liquidity, bank holidays, low volatility it could change and make Inverted Head and Shoulder pattern invalid. I suspect that thin liquidity may lead to another 1.4870 test and below that we may see some stop grabs towards 1.4850 and 1.4820.

GBPUSD

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