GBP/USD forecast – Recovery at risk of break below 1.3061

Pair’s failure to sustain above the minor head and shoulder neckline level of 1.3182 in early US session if followed by a break below 1.3061 (European session) low would suggest a subsequent break below 1.30 and a fall towards 1.29 levels by weekend.

Odds of a recovery to inverse head and shoulder neckline at 1.3462 remain intact as long as prices do not see a break below 1.3061 on day end closing basis.