The British Pound consolidated against the US Dollar this past week despite GBP/USD confirming a breakout under the key rising trendline from last year. The 100-day Moving Average held as key support, maintaining the broader upside focus. But, a closer look at the broader price action shows that GBP/USD appears to be forming a bearish Head & Shoulders chart formation on the daily chart below.
For this formation to potentially play out, the exchange rate must confirm a breakout under the neckline around 1.2592. That would also entail taking out the 100-day MA, offering an increasingly stronger bearish technical conviction, and opening the door to potentially revisiting lows from March. Otherwise, key resistance is the right shoulder just under 1.2848.
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