GBP/USD Technical Analysis: Inverse head-and-shoulders breakout confirmed, but minor drop likely before further gains

GBP/USD closed yesterday at 1.3251, confirming an inverse head-and-shoulders breakout on the daily chart. So, further gains toward 1.34-1.35 could be seen in near-term. 

As for today, the pair may revisit the former resistance-turned-support of 1.32, as the relative strength index (RSI) on the hourly chart is showing a rising wedge breakdown -  a bearish reversal pattern. 

Daily chart

Hourly chart

Trend: Bullish, but pullback likely before further gains

 

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