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GBP/USD Eyes Bullish Breakout Amid Softer US Dollar and Strong UK GDP Data

Chart Analysis: Inverse Head and Shoulders Pattern Signals Bullish Reversal

The 1-hour GBP/USD chart reveals a well-defined Inverse Head and Shoulders pattern forming above the key support level at 1.3140. This classic reversal pattern is marked by two higher lows (shoulders) and a deeper trough (head), indicating a potential shift from a downtrend to an uptrend.

Support Zone: 1.3140
Resistance Zone: 1.3355 – 1.3441
Pattern Neckline: Near 1.3355

If the price breaks and sustains above the 1.3355 neckline resistance, it may confirm the bullish reversal, with upside targets around the 1.3440 area.