GBPUSD after peaking near 1.2675 retraced back to 1.2400 level. At present on the 4hr chart we are witnessing a AB=CD pattern completion which also lead to retest of previous breakout point. The pair is likely forming an inverted head and shoulder pattern with neckline placed at 1.2660. At current level the risk to reward ratio looks favorable for long position.
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GBPUSD the pattern working perfectly almost 300 pips move