GBP/USD Price Analysis: Pound Sterling looks vulnerable whilst below 1.2665

The Pound Sterling (GBP) Is trading on the back foot against the US Dollar (USD)

Sentiment is: Negative

Technical Analysis

GBP/USD is trapped in a Inverse Head and Shoulders formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 1.2692 is expected in the short term.

Should we expect a breakout or a rebound on GBP/USD?

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