GBPUSD - Reverse head and shoulders forming

FX:GBPUSD   British Pound / U.S. Dollar

GBPUSD - Intraday - We look to Buy at 1.2440 (stop at 1.2405)

Continued upward momentum from 1.2382 resulted in the pair posting net daily gains yesterday. The 261.8% Fibonacci extension is located at 1.2576 from 1.2382 to 1.2456. The previous swing high is located at 1.2578. Preferred trade is to buy on dips. Bespoke support is located at 1.2440.

Our profit targets will be 1.2578 and 1.2600

Resistance: 1.2576 / 1.2730 / 1.2761
Support: 1.2480 / 1.2440 / 1.2382
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