PabloSantander
Long

GBP/USD Rising Head & Shoulder - Plenty of Upside Expected

FX:GBPUSD   British Pound / U.S. Dollar
326 0 6
INDICATOR:
Head and Shoulders

VIEW:

With GBP/USD             taking the course of the past 25 weeks (6 months) to form a complete head and shoulders chart pattern, and with a very bullish rising neckline, it looks like there's still plenty of upside potential for this pair. A retracement is expected, however the daily chart (at the moment) shows no bearish signal. If prices rise and close above the 1.59303 area (Thursday 18th of June high) consider the H & S pattern in play.

Note - A short term retracement to the daily 0.618 Fib level will provide an ideal entry point.

EXPECTED TARGETS: (Top to Bottom)

Monthly Resistance (T4) - 1.66722
Weekly Resistance (T3) - 1.65155
Weekly Resistance (T2) - 1.62974
Weekly Resistance (T1) - 1.61636
Daily Target - 1.60570
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