Pound Sterling Price News and Forecast: GBP/USD pullback near 1.3160 on Inverted H&S validation

FXStreet Team FXStreet

GBP/USD Price Analysis: Pullback near 1.3160 on Inverted H&S validation

The GBP/USD pair has witnessed a steep fall after struggling to breach 1.3300. The cable is oscillating in a narrow range of 1.3158-1.3215 in early Tokyo and is likely to consolidate further. On a four-hour scale, the cable has witnessed a firmer upside after an inverted head and shoulder formation, which signals a bullish reversal.

$1.32 delivering resistance on GBP/USD: $1.3120 eyed

Buyers and sellers settled on neutral ground Thursday, ranging between $1.3214 and $1.3157. Buying remains questionable on GBP/USD. Not only is the trend to likely weigh on upside efforts, prime resistance is a focal point on the weekly timeframe at $1.3473-1.3203 with the chart demonstrating scope to drop as far south as weekly support from $1.2719.

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