The GBPUSD completes the downward move following the formation of the Head and Shoulder pattern.
As the price test and failed to break below the 1.1920 price area, the GBPUSD has rebound strongly to the upside, above the 1.20 level, and could approach the resistance level of 1.2070.
Currently consolidating along the 1.2040 price level, look for further DXY weakness to take the GBPUSD higher. However, a more prudent trade would be to wait for the price to break above the immediate resistance level first.
Beyond 1.2070, the next key resistance level is at 1.2150.
As the price test and failed to break below the 1.1920 price area, the GBPUSD has rebound strongly to the upside, above the 1.20 level, and could approach the resistance level of 1.2070.
Currently consolidating along the 1.2040 price level, look for further DXY weakness to take the GBPUSD higher. However, a more prudent trade would be to wait for the price to break above the immediate resistance level first.
Beyond 1.2070, the next key resistance level is at 1.2150.