Sterling Head and Shoulders Spells Decline: Citigroup

By Oliver Biggadike

Sept. 30 (Bloomberg) -- The pound’s head-and-shoulders formation versus the dollar may lead the U.K. currency to reverse two days of gains, according to a technical analysis from Citigroup Inc.Sterling is poised to fall to $1.5803 provided it fails to overcome resistance at $1.6113, the New York-based bank said. A break through the $1.5803 support would open space for a decline to $1.5375, Tom Fitzpatrick in New York and Shyam Devani in London wrote in a note to clients today.

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