26 Apr 2016

BREAKAWAY GAP ON GBP/USD TRIGGERS INVERSE HEAD AND SHOULDERS PATTERN

GBP/USD DAILY

The new week has started with a large breakaway gap above the large inverse head and shoulders pattern's neckline. As the rate filled the gap on Monday (therefore, testing it as the new support) it's a good indication this is indeed a legit break and we should be looking towards the breakout targets at around 1.4850 and 1.5130.

I will be waiting for some kind of intraday bull flag/pennant or a pullback to a short term trendline for a long entry though.

All the stops should be based below the gap support at 1.4400.



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