FX.co ★ GBPJPY H1: Head and Shoulders

According to the chart of H1, GBPJPY formed the Head and Shoulders pattern. The Head’s top is set at 213.46 while the median line of the Neck is found at 211.82/212.09. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GBPJPY will go towards 211.69.