Pound Sterling Price News and Forecast: GBP/USD's weekly H&S pattern targets 1.2980 on the long-term
|GBP/USD eyeing whipsaw above $1.35
Sterling remains on the back foot, down 1.4 percent on the week.
Supply-turned demand at $1.3629-1.3456 had its lower edge breached yesterday, action confirming bearish intent following the close below a double-top pattern’s ($1.4241) neckline at $1.3669. The double-top pattern’s profit objective—measured by taking the distance between the highest peak to the neckline and extending this value lower from the neckline—sits around $1.3093.
GBP/USD Price Analysis: A weekly head-and-shoulders pattern targets 1.2980 on the long-term
The GBP/USD is trading at 1.3464, down 0.02% as the Asian session begins. The market sentiment is downbeat. Asian futures look tilted to the downside, except for the Hang-Seng and the Nikkei 225, gaining between 0.32% and 0.03%, respectively.
Weekly chart
The chart depicts a head-and-shoulders pattern, which at press time, is trading below the neckline (pink line), around 1.3464.
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