There is a 4 hour head and shoulders pattern forming on the GBPUSD before the London open tonight. The GBPUSD has failed to make a higher high than the most recent high which was stopped by the 78.6 Fibonacci retracement of the most recent bearish move on the pair.
In the Daily View, you can see yesterday formed a shooting star on the GBPUSD which generally is a reversal signal. You can see as well that the previous lows to the left are helping provide resistance.
Looking at the monthly pivots, MR1 at 1.4441 has held as resistance for the GBPUSD.
An update on this trade, early into New York, there is now the first signs of a 4 hour lower high on the right shoulder of this head and shoulders pattern, which is a 78.6 Fibonacci lower high pullback. This lower high meets the first criteria of a 4 hour reversal pattern, we now will need these lows to break.
U.S. DOLLAR ANALYST, FOREX.TODAY