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Technical analysis

The four-hour time frame shows that the GBPUSD pair has formed a large inverted head and shoulders pattern, although a final drop may need to happen to complete the structure of the pattern.

The MACD indicator on the four-hour time frame is starting to trend lower and is looking increasingly bearish.

What the possible outcomes are

In our most likely scenario, the GBPUSD pair will eventually drop towards the 1.3750 level and then recover back towards the 1.4000 resistance level.

Alternatively, the GBPUSD pair will start to rally towards the 1.4000 resistance level and then correct back towards the 1.3750 support level.

Key levels

Support 1.3872 1.3750

Resistance 1.4000 1.4130