Home Forex Analysis And Forecasts GBPUSD : H&S Pattern Suggests More Weakness In Sight

GBPUSD : H&S Pattern Suggests More Weakness In Sight

Pound fell sharply yesterday across the board, especially against the USD. We can see a new leg down for more than 200 pips beneath the trendline connected from October 13th which suggests that price is headed much lower. From an EW perspective we see a completed wave (2) now at 1.5500 so current decline is impulsive that should finally break below 1.5105 low from end of September. At the same time we see bearish head and shoulder pattern, now completed as well which also suggests lower prices in days ahead.

GBPUSD, 4H

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