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GBP/USD Potential Inverse Head and Shoulder Target 1.55

In the last Bank of England’s meeting, the central gave a signal for a potential interest rate hike in 2022. This would put it ahead of a number of other G10 central banks, including RBA, U.S Fed, BOJ, and ECB. The hawkish outlook by the central bank could potentially provide underlying support for Pound Sterling.

GBP/USD potential weekly inverse head and shoulder

GBPUSD weekly chart above shows a potential 3 years inverse head and shoulder pattern. Pair has broken above the neckline of the inverse head and shoulder. Measuring the distance between the head and neckline, then projecting it from the point of the breakout yields a target towards 1.55.

GBP/USD weekly Elliott Wave view