GBPUSD - Reverse Head and Shoulders building

FX:GBPUSD   British Pound / U.S. Dollar

GBPUSD - Intraday - We look to Buy at 1.2634 (stop at 1.2589)

Price action continues to be mixed and volatile for 3 days in succession resulting in spikes in both directions. The bullish engulfing candle on the weekly chart the positive for sentiment. A bullish reverse Head and Shoulders is forming. Trend line support is located at 1.2598. We have a 61.8% Fibonacci pullback level of 1.2612 from 1.2506 to 1.2783. Bespoke support is located at 1.2634.

Our profit targets will be 1.2790 and 1.2800

Resistance: 1.2740 / 1.2783 / 1.2800
Support: 1.2655 / 1.2634 / 1.2597
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