GBPUSD has broken through 1.4745 and went into a neutral to bullish territory as presumed. Judging from the technical picture, it has started to form a possible inverted head and shoulders pattern. The pair could be volatile as UK elections are scheduled for May 7th.
In now moment it seems that the pair is trading towards a confluence of H5 and previous swings where historical sellers are (1.4980-1.4995 zone). That zone should be reached if we see H4 close above 1.4925.
When and IF the pound reached the target zone, we should expect some selling to occur. That could form inverted head and shoulders pattern. We should pay close attention to price action this and next week, and any sign of 1.4800 level holding will be used for next leg of buying.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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