The price of the GBPUSD declined during its recent intraday trading, after the pair had recently consumed much of its bullish momentum. affected by the break of a short-term ascending trendline, pushing the price below EMA50. besides (RSI)’s negative signals.
This decline was accompanied by the formation of a Head and Shoulders pattern on the one-hour timeframe, which reflects the price’s intention to temporarily correct its trend to find a bottom that could serve as a base to regain positive momentum and resume the main upward trend.
