GBPUSD BEARISH PATTERN FORMING
The British pound is once again probing the downside against the US dollar after a minor bullish corrective move above the 1.3000 level on Tuesday. The GBPUSD pair is looking increasingly bearish as a head and shoulders pattern is now starting to form across the four-hour time frame. Sellers will likely target the 1.2918 level, while buyers will aim to move price above the 1.3000 level.
- The GBPUSD pair remains strongly bearish while trading below the 1.3000 level, key support is found at the 1.2918 and 1.2860 levels.
- If the GBPUSD pair moves above the 1.3000 level, buyers are likely to test the 1.3045 and 1.3080 resistance levels.