tomj2417

GBPUSD - head and shoulders everywhere

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
47 0 1
The Pound bounced off its trendline support a few times in the last few days and may well be in the process of a 4th wave triangle correction. If that were the case then it is in a E wave rally at the moment and could expect to climb to the 1.33 area. However, those multiple head and shoulder formations look pretty ominous to me and with the recent weakness and negativity surrounding the pound we could see another impulse move anytime soon.
Comment: Pound still stubbornly holding above trendline support.
Comment: Not anymore.
Comment: Played out pretty well.
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