Within first half of the MAY GBPJPY has made significant move without any more visible pullback. As a result last week Average month range was above 100% as well as Average weekly range was reached slightly around 100%.
Eventually, those ranges has matched with HnS pattern on weekly chart. However, right shoulder is lower the left one, therefore at least GBPUSD will check right shoulder I do not expect that we HnS pattern will be fully completed, but at first target 142.94 (weekly GAP) should be offered and filled before moving back to south.
Eventually, those ranges has matched with HnS pattern on weekly chart. However, right shoulder is lower the left one, therefore at least GBPUSD will check right shoulder I do not expect that we HnS pattern will be fully completed, but at first target 142.94 (weekly GAP) should be offered and filled before moving back to south.