fxstraderomi

GBP/USD Drops as expected

FX:GBPUSD   British Pound / U.S. Dollar
The spot suffered a bearish close on the 4-hour and hourly chart below the inverted head and shoulder neckline (extended) support. The price attempted to break above the same located at 1.5516, but failed. The sell-off also pushed the daily RSI below 50.00, opening doors for further weakness. A break below 1.55 could push the pair lower to 1.5459 (61.8% of June rally). On the other hand, a corrective move to 1.5549 (50% of June rally) cannot be ruled out, but fresh bids could be seen only in case the spot witnesses a hourly close above the same.
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