GBP/USD oscilates in low volumes around Friday's high but bears are lurking GBPUSD Technical Analysis DollarIndex
nd. At the time of writing, GBP/USD is trading near 1.2050 and remains in consolidation between the day's low of 1.2014 and 1.2056.
Currently, within the right-hand shoulder's formation, there is an M-pattern on the daily chart that is formed above where there was a break of structure, BoS, at the start of the year. The price has corrected the bearish leg of the pattern to a 38.2% Fibonacci level near 1.2050 and should this hold as resistance, at the neckline of the pattern, then a downside extension would be in order for a run to test 1.1850 territory for the days ahead.
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