forexTrdr
Short

forexTrdr GBPUSD BEARISH ENGULFING + HEAD SHOULDERS + DIVERGENCE

FX:GBPUSD   British Pound / U.S. Dollar
Morning traders

Looking at a great setup on British Pound versus US dollar with Bearish Engulfing candle pattern forming on the daily charts between Friday and Monday and drill down to the 4 hourly charts and we see a head and shoulders pattern forming. Both suggesting British pound is about to head lower versus US dollar .

Additionally we have bearish divergence on RSI charts with higher high in cash price which formed the head of the head and shoulders pattern but only forming a lower low on RSI as volume supporting the price action declines.

Stops set just above the head level and targeting a move back down to sub 1.21 sets up a 3 to 1 risk to reward.

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