FX.co ★ GBPUSD H1: Head and Shoulders

According to the chart of H1, GBPUSD formed the Head and Shoulders pattern. The Head’s top is set at 1.3589 while the median line of the Neck is found at 1.3481/1.3517. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GBPUSD will go towards 1.3477.