6 Oct 2015

INVERSE HEAD AND SHOULDERS PATTERN ON GBP/USD
















GBP/USD H4

The rate has been consolidating after an aggressive decline, and it seems to have formed an inverse head and shoulders pattern.

I am looking for a break of the neckline at 1.5240 which should lead to former support as the new resistance level at 1.5330. In case that the rate manage to clear this level we may be targeting the previous highs at 1.5650.

A break below the last weeks low at 1.5108 would invalidate my medium term bullish outlook for the pair and would indicate the broader downtrend resumption and a possible move towards the yearly lows around 1.4700.




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