British Pound is below the 20 day MA and is in a sell position. Nearing neckline of head and shoulders. Possible outcome is S2 at 1.3477. If this is a drop minimum is S1 at 1.3685. RSI still has room to run.
Comment:
Bear flag on BP. Neckline at 1.3921. Market below 20 day MA.
Comment:
BP continues to create bear flag. Just under the 20 MA
Comment:
Still under 20 day. USD rising. Expect further downside.
Comment:
BP continues to fall off of H&S. Next downside target S1 at 1.3685. This would be a miner outcome and height of a shoulder.
Trade closed manually:
New pivots