Currency Analyst since 2010

BoA: potential H&S in GBP/USD

Analysts at Bank of America Merrill Lynch think that there’s a potential intra-day head-and-shoulders pattern at the GBP/USD chart which will be confirmed if pound closes the day below $1.5438/29. In this case the bearish trend will resume. Initial target lies at $1.5102. In the longer term the banks forecasts a decline to $1.4783/67 and below. On the upside key resistance is at $1.5586.

Chart. H4 GBP/USD


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