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GBP/USD daily market update

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
  • Despite Cable’s retreat in Asia to 1.3065 after having breached neckline of head and shoulder formation, a subsequent recovery to 1.31 if extended above 1.3119 would suggest a re-test of 1.3171 levels.
  • A daily closing above 1.3171 would indicate the pair is completing an inverse head and shoulder move.
  • On the lower side, a failure to take out 1.3119 followed by a break below Asian session low of 1.3065 would open doors for a drift lower to 1.30 levels.
I see this potential inverted H&S formation on the 4-HR and daily charts too. There also seems to be a regular H&S formation (bearish one) on the hourly chart. If the regular H&S plays out we'll end up with fresh new lows.
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right. am not so crazy about normal H&S appearing at the bottom of the trend, It is a reversal pattern and needs to appear at the top. Still lets see..
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giankee TipTVFinance
Agree. Just lots of factors involved in this pair lately :-)
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