Ella 
174
GBP/USD fell below the head and shoulders neckline, leading to continued decline.
GBP/USD is currently close to temporary support at 1.2420, which represents the 200-day moving average. This test could lead to a rebound in GBP, but there are no meaningful upside signals in sight yet.
The right shoulder level near 1.2745/1.2820 may remain an important resistance area in the near term.
If the pair fails to stabilize above the moving average near 1.2420, expect the downtrend to continue. Next targets are the May low of 1.2300 and the head and shoulders pattern target of 1.2170/1.2100.
