GBPUSD starts to form an inversed head and shoulder pattern as candles nears the support at 1.5044. The Dollar gained when U.S Unemployment Claims was lesser than expected, preventing the pair from holding above 1.52.
The pair was observed to be resisted at 1.52 before it plunged below 1.51. The pair was subsequently supported at the inverted shoulder at price 1.5044. Stochastic oscillator approaches the oversold region, indicating weaker selling action in the market.
Focusing on H1 chart, bearish momentum of the pair was observed to exhaust at Fibonacci Expansion 261.8% at 1.5041. Although candles were observed to be supported, it is not advisable to engage in any trades as the trading week is coming to an end and the U.S Advance GDP q/q is to be released later which may affect the direction of the pair.