FX.co ★ GBP/USD 02.18.2020 - Inverted Head and Shoulders pattern in creation, watch for buying posititons above 1.3070

Technical analysis:

GBP has been trading upwards. The price tested the level of 1.3040. I found that there is good potential for the upside. I found that inverted Head and Shoulders formation in creation on the 4H time-frame.

The breakout of the pivot resistance at 1.3070 would confirm upside continuation and eventual test of 1.3200. Watch for buying opportunities if you see the breakout of the pivot resistance.

MACD oscillator is showing increase on the upside momentum

Major resistance is set at the price of 1.3070

Support level is set at the price of 1.2970