Long Term Direction GBP/USD? Weekly Head & Shoulders Fib Retrace
I have mapped out this clear head and shoulders pattern on the GBP/USD Weekly timeframe. We can see I have placed the neckline in so we know what sort of area we want price to break to confirm this new downtrend. I have also placed a fibonacci retracement in from a significant high & siginificant low. We can see price has been rejecting the 38.2% level which suggests that when this price moves it will be aggressive to the downside. Very interesting also that the target level for the Fibonnaci is also bang on a key are of monthly support (1.20000) I will be personally monitoring how this pair reacts in the up coming weeks to key areas.
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