Taking a look at the GBP/USD pair as it looks like a possible head and shoulders formation is forming on the 4 hourly chart. Sterling has had an impressive rally up until now and perhaps some profit-taking may be on the table. Currently, the pair is trading at around $1.3161 after dipping below the support of $1.3167. Although, the current candlestick is yet to close below. A close below would shift the focus toward the support along the 50-day moving average, which currently reads $1.3134. A break below here would certainly increase the selling pressure, leading to a potential pullback towards the 200MA, or respectively, bringing the pair back to around $1.30. Towards the upside, a move above $1.3227 would fade some of the recent bearish momentum. However, only a move above $1.3266 would suggest the longer-term bullish momentum is still present. Looking at the technical indicators, the MACD has now turned bearish but is still above the zero line. The RSI has also entered bearish territory as it now reads 43.