Wolfthorne
Short

GBPUSD Head and Shoulder - Short

FX:GBPUSD   British Pound / U.S. Dollar
236 4 4
Hanging man occurred at 1.5500 Resistance level , intercepting the 200EMA and the 0.618 Retracement Zone.
This creates positive sentiment to the creation of a right shoulder. Path of least resistance is Bearish and next significant support zone occurs at 1.5000, creating a nice 3.5:1 Reward:Risk.

Being a Head and Shoulders pattern however and using the applicable techniques we are ideally looking to target 1.4600 for 6:1 R:R trade.
with the s&p uk debt downgrade friday looks like to be a sweet looking trade
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Well pointed out correlation!
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Great. With a Hawkish FOMC this week, your bearish scenario for Cable is very likely to occur.
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Great idea.....good luck to you and me!
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