Double Top Alert: Key Resistance at 1.3570 Before US PCE Data

GBPUSD PLAN – MAY 27 | Double Top Alert: Key Resistance at 1.3570 Before US PCE Data

GBPUSD is currently testing a critical resistance zone near 1.3570, forming a potential Double Top pattern. As markets await this week’s US Core PCE inflation release, the pair may be at risk of a short-term pullback.

🌍 MACRO FUNDAMENTALS
USD Rebounds Slightly ahead of April’s PCE inflation report – a key Fed inflation gauge due this Friday.

GBP Under Pressure as dovish tones from Bank of England (BoE) officials signal a potential pause in rate hikes.

UK Political Uncertainty and sluggish EU-UK trade talks continue to dampen investor confidence in the pound.

📊 TECHNICAL ANALYSIS
Price Structure: GBPUSD surged from 1.3446 support but is now facing resistance near 1.3570, where a Double Top formation is emerging.

Key Levels:

Resistance: 1.3570 – 1.3580 (previous high and psychological barrier)

Support 1: 1.3496 (confluence of EMA89 and 38.2% Fibonacci retracement)

Support 2: 1.3446

Indicators:

EMA13, EMA34 show early signs of bearish crossover on the 30-minute chart.

RSI approaches overbought territory, hinting at potential bearish divergence.

🎯 TRADE SETUP (IF PRICE REJECTS 1.3570)
🔻 SELL SETUP

Entry: 1.3570 – 1.3550
Stop-Loss: 1.3595
Take-Profit Targets:
TP1: 1.3496
TP2: 1.3446

📌 A bullish breakout only becomes valid if price closes strongly above 1.3590 on the H1 chart.

🧠 STRATEGIC NOTES
Wait for a clear reaction or bearish confirmation near 1.3570 before entering trades.

Avoid chasing trades mid-range; focus on clean breakouts or rejections.

PCE data may trigger volatility — manage risk tightly and prepare for directional momentum.

👉 What do you think of this Double Top scenario? Will GBPUSD reject or break through resistance? Drop your analysis below and follow for daily structured plans!