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GBP/USD Short term Outlook

FX:GBPUSD   British Pound/U.S. Dollar
306 0 1
GBP/USD             has formed Head and shoulder pattern in 4 hours chart. The neckline is around 1.5350 and any break below will confirm the short term bearishness.

On the downside break below will target 1.5300/1.5240 in short term.

The pair’s minor resistance is around 1.5460 and above that would pave way for 1.5505/1.5550 in short term.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell GBP/USD             around 1.5375-85, SL 1.5460, Targets 1.5305/1.5255.

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