FX:GBPUSD British Pound/U.S. Dollar
- Despite Cable’s retreat in Asia to 1.3065 after having breached neckline of head and shoulder formation, a subsequent recovery to 1.31 if extended above 1.3119 would suggest a re-test of 1.3171 levels.
- A daily closing above 1.3171 would indicate the pair is completing an inverse head and shoulder move.
- On the lower side, a failure to take out 1.3119 followed by a break below Asian session low of 1.3065 would open doors for a drift lower to 1.30 levels.