GBPUSD has broken above an inverted H&S formation.

The GBPUSD (Cable) has broken above the neckline of an inverted H&S formation on the 4h chart, following the positive statements form Merkel regarding a Brexit deal. This is technically a bullish development (albeit just the 1st step) opening up the 1.2380 – 1.24 area for a re-test. A break above that area will signal that a bigger rebound might be underway while a rejection will keep the pair in a downtrend.

GBPUSD Inverted H&S Formation

Steve Voulgaridis