FX_IDC:GBPUSD POUND STERLING / US DOLLAR
Comment: Its testing the neckline right now!
Comment: It did happen!
It is interesting that Great Grandmaster Richard Schabacker uses the term "inverted" to describe formations occurring in the inverse order in time, and not in price. I know this formation is here and there called an inverted or inverse H&S, but I also prefer the master's way and call it a head-and-shoulders bottom. As for the analysis, yes, this formation indicates a reversal possibility. But given the circumstrances, there is a good deal of resistance ahead, and I believe it is highly unlikely that the market will break it upwards. So trading the right shoulder is highly risky here. But if the neckline is broken, that will have been a sure thing.