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Trafficlighttrader

GBPUSD - Downside potential

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
Trafficlighttrader  
FX:GBPUSD   British Pound / U.S. Dollar
GBPAUD forexpositive fx rangebound
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gbpaud forexpositive fx rangebound
A poorly constructed head and shoulders is also present on this bearish chart.
Stop loss - Just above 0.236 fib - confluent with resistance
Entry - Close below 0.382 fib and yellow rectangle
Take profit - Bottom of green rectangle (immediate support)
Over 1:3 Risk Reward on this trade.
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