Flash: GBP/USD offers opportunities for selling – RBS

FXstreet.com (New York) - The GBP/USD foreign exchange rate tested the 261.8% target from the inverse H&S being in place since March 2013, but failed to break this level and started to form a double-top with 1.5738 risk level.

According to Technical Strategist Dmytro Bondar at RBS, “This figure, coupled with a bearish turn in major oscillators and looming hanging man candlestick pattern suggest it might be a turning point now. If so, the target levels will be 1.5500 and 1.5400, as a H&S top might also be forming. Moreover, the risk would be a sustained breakout above 1.5738.” Bondar notes.