GBP/USD Price Analysis: Weekly M-formation playing out

• GBP/USD bulls stay on course for a key weekly resistance target. 
• The M-formation is playing out with price correcting the weekly bearish impulse. 

Hawkish comments from Fed Chair Jerome Powell yesterday have injected another wave of re-pricing into US rates markets. However, the pound has continued higher in a technical move towards a weekly resistance level as per the following chart: 

GBP/USD weekly chart

The M-formation is a compelling pattern that is playing out with the price reverting towards the neckline of the pattern near 1.3350. This comes in towards a 61.8% golden ratio and 1.34 the figure. Should the area hold, the price would be expected to continue on its southerly trajectory with 1.28 the figure in focus.