GBPUSD POSSIBLE INVERTED HEAD AND SHOULDERS

The British pound has performed a much needed technical correction higher against the US dollar, as the pair moves away from oversold trading conditions in the short-term. The GBPUSD pair remains vulnerable to further losses, although a potential bullish head and shoulders pattern may be forming if the current monthly trading low holds.

The GBPUSD pair retains an intraday bullish bias while trading above the 1.3000 level, key resistance is found at the 1.3046 and 1.3117 levels.

If the GBPUSD pair trades below the 1.3000 level, key technical support is found at the 1.2939 and 1.2919 levels.