“¢ The pair now seems to be forming a bearish Head & Shoulders chart pattern on the 4-hourly chart, with the neckline support near 1.3090 area.
“¢ The release of UK manufacturing PMI print does little to provide any meaningful impetus and neutral technical indicators have also failed to reinforce the bearish set-up.
“¢ Hence, it would be prudent to wait for a convincing break below the mentioned support before positioning for any further near-term depreciating move.
GBP/USD 4-hourly chart
Spot rate: 1.3117
Daily Low: 1.3095
Daily High: 1.3127
Trend: Bearish below neckline support
Resistance
R1: 1.3126 (100-period SMA H1)
R2: 1.3173 (overnight swing high)
R3: 1.3200 (round figure mark)
Support
S1: 1.3090 (neckline support)
S2: 1.3045 (S2 daily pivot-point)
S3: 1.3013 (horizontal zone)
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