GBP/USD - Two Scenarios on 4-hour chart

FX_IDC:GBPUSD   British Pound / U.S. Dollar
On the 4-hr chart, we have a bigger inverse head and shoulder pattern and the right shoulder is under progress. Inside the right shoulder, we have a smaller head and shoulder formation with neckline at 1.3158 levels.

So the two scenarios that could unfold are -

  • Rebound from 1.3158 followed by a break above 1.3338 - in which case we are like to go higher to inverse head and shoulder neckline level of 1.3466 levels.
  • Break below 1.3158 - in this case psychological level of 1.30 could be put to test again
I had the same idea and bought the breakout as it didnt do the upward leg before going down. Nice chart
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