Potential GBP/USD Short 1HR Entry Head & Shoulders Formation

Short

British Pound / U.S. Dollar (OANDA:GBPUSD)

Updated

OANDA:GBPUSD British Pound / U.S. Dollar

trendanalysis chartpattern indicator gbpusd shortsetup bearish technicalanalysis fibonacciretracement cleanchart

I have been doing some analysis on the GBP/USD Pair ever since the USD Strength over the past week or so. We can see this should continue with a clear head and shoulders formation on the 1HR timeframe as price is getting sqeezed. There is alot of confluences with this trade. We can see the short term trendline being respected. A beautiful 38.2% Fib Touch which was also respected this indicates that price movement could be really fast. We must wait for price to confirm the market bias to the downside with a break of the head & shoulders neckline and close below. The first target profit will be 1.28665 and the second will be 1.28243. Tight stoploss of 10-15 pips.

Comment:

I placed the Fib Wrong by accident. The 0.00% should be at the 27.00% and the fib touch was at the 50%. This is still a high probablility trade.

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