GBP/USD - Scary looking monthly chart

FX_IDC:GBPUSD   British Pound / U.S. Dollar
We have a head and shoulder breakout last month coupled with a bearish break from falling wedge formation and a monthly closing below 1.3363 (50% Fibonacci extension of 2007 high – 2009 low – 2014 high).

Action this month has been anything but encouraging for the bulls. We failed to hold above head and shoulder neckline as well as 1.3363, in a way marking a failure to re-enter falling wedge formation.

Hence, we are heading into the next week’s BOE rate decision on a weak footing. Area between 1.3363-1.3440 is a tough nut to crack. Rejection again at these levels is likely to result in a drop to 1.29 handle.

Going by monthly chart, 1.2459 (61.8% Fibo expansion) is a next major support if 1.2789 is breached.

Only a monthly closing well above 1.3440 could convince me the bearish trend has run its course.
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