Matl101

Head and Shoulders Pattern - Weak Correction to major trendline

Short
FX:GBPUSD   British Pound / U.S. Dollar
My earlier predictions came true and the pair decided to break down just before major resistance at 1.27 and it was where I decided to short this pair. This was a very obvious move as the pair was massively overbought and reached a very strong resistance area - this was confirmed by donchian channel + RSI .

Pair dropped to 1.259 as predicted and now forming a tight consolidation around 1.26 area, should this area break there might be further pushed to the downside and meeting a nice previous resistance at 1.256 area where it will meet a major uptrend pattern. From then the pair might sky rocket down or continue to push to 1.27 level and break it by the end of the week.

Best to keep watching this pair over the next 12 hours! There is loads of money to be made on this pair potentially!

Good luck traders.

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