GBP/USD - In General uptrend from Supply zone 1.41009 on Weekly Chart.
Zooming in on Daily, price has broken upper trend line and has created a reverse Head and Shoulders pattern. Price is looking to change direction and aim towards 1.31688.
On 1H, we use Fibonacci tool to look for entries at around 1.22047 and 1.21832 .
GBP/USD price action reflects a cautious approach this week as investors look to U.S. CPI for forward guidance. We are seeing this across global markets so I expect an uptick in volatility pre and post announcement.
Thanks and keep trading
Leon Sprey
Zooming in on Daily, price has broken upper trend line and has created a reverse Head and Shoulders pattern. Price is looking to change direction and aim towards 1.31688.
On 1H, we use Fibonacci tool to look for entries at around 1.22047 and 1.21832 .
GBP/USD price action reflects a cautious approach this week as investors look to U.S. CPI for forward guidance. We are seeing this across global markets so I expect an uptick in volatility pre and post announcement.
Thanks and keep trading
Leon Sprey