Pound erases yesterday's gains 📉

2:17 PM October 15, 2020

🔽 GBPUSD accelerates the decline after returning below the 1.30 mark

During today's session we can observe the completely opposite situation on the pound than yesterday. The British currency is under selling pressure due to further restrictions in the UK. Looking at the H1 chart from a technical point of view, the head and shoulders formation is building up. This structure heralds a trend reversal. A bearish signal would be generated once the price breaks below the neckline, which lies in the vicinity of 1.2780.

GBPUSD H1 interval. Source: xStation5


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