dc95

GBPUSD [SHORT] H&S Forming

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
Looks like a head and shoulders could form here. My entry zone is between the aqua and orange baseline. Should look to see a 400pip drop if it plays out.
Trade will not be active unless the prices closes in the entry zone.

The fib level further reinforces a resistance for the second shoulder to form.
Comment: remember this isn't a head and shoulders until it breaks the neckline.

We are looking for a clear candle closure on the 4hr chart in the pink box before I would consider this an active trade.

Order cancelled: Didn't come to anything after some interesting movement from GBP earlier today