The British pound Sterling has formed a double top pattern on the four-hour chart and prices broke down below this level on Friday.
As a result, this bearish pattern could possibly see the cable likely to continue to push lower. The previous support level near 1.3506 will likely come in as the downside target.
However, considering that the stochastics oscillator is also oversold but a possible rebound is likely to occur. This would see the GBPUSD pushing back to retest the 1.3611 level.
Establishing resistance at this level could further validate the downside by his.
However, if the cable manages to close above the 1.3611 level, then it would invalidate the double top pattern and as a result, we could possibly see either a consolidation or a possible move higher.
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