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GBP/USD Technical Analysis - May/06By Prful Patat 05:00 GMT GBPUSD retraced 61.8% (1.6387) of 1.6164 to 1.6744, 78.6% (1.6289), break of 1.6356, next support is 1.6289. GBPUSD can also form Head and Shoulder pattern on 1 hour chart, confirm retrace toward 1.6454 and reverse from 1.6454 toward 1.6289 and break of 1.6454 resistance further going up side toward 1.6520 on intraday. In bigger range, If GBPUSD will reverse from 1.6386-1.6289 area, extension 1.6899-1.7100 area. New High: 1.6467, 1.6560, 1.6484. New Low: 1.6282, 1.6375, 1.6299. Pivot Point: R3-1.6615, R2-1.6544, R1-1.6501, PP-1.6430, S1-1.6359, S2-1.6316, S3-1.6245.
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