GBPUSD: Inverse Head and Shoulders on 1W. Long opportunity.

The pair turned bearish on 1D (MACD = -0.006, Highs/Lows = -0.0124), oversold even on RSI = 29.795, as the 1.2960/80 Support broke. On a 1W basis this is the bearish leg of the second Low within an Inverse Head and Shoulders pattern (RSI = 45.117, MACD = 0.0000, Highs/Lows = -0.0069), which keeps the long term outlook fairly neutral. This means that a rebound towards the 1.32970 - 1.33800 1W Resistance Zone is currently the strongest option. We are long now towards that zone. The pattern is fairly symmetrical, which suggests that the new low will have been price in by next week.






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