[GBP] Short Bias

GBP/USD 4-hour chart, source: forexfactory.com

GBP/USD weekly chart, source: forexfactory.com

The currency pair GBP/USD began with gap decline and ended high this week.  The price failed to bridge the gap on Monday but it was bridged after the U.S. Presidential election. It rocketed over 1.25 and returned to previous price. But the gap was bridged in two days. As time went, the price of sterling to U.S. dollar turned its direction to up.

This week market ended recording sterling high, but the one-hour chart attempted to draw the Head-and-Shoulders pattern. It means the lost of price. Though it leaved the positive candle in the weekly chart, it may face the adjustment.

The pattern of Head-and-Shoulders pattern in one-hour chart may be completed and the adjustment is confirmed explicitly in the chart. The price may step back to 1.2425, the support price band this week, I anticipate.

But main trend is downward because the chart gradually lower peaks. It need to get long bias in short term.

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