GBP/USD - inverse head and shoulder breakout on 4-hr chart

14 Jul 2016

• Now we have almost confirmed an inverse head and shoulder breakout on the 4-hr chart, courtesy of Bank of England's decision to keep interest rates unchanged.
  

• This goes well with the head and shoulder breakout seen on the Gold/GBP 4-hour chart.
  

• Both the chart in a way add credence to each other and confirm the GBP is likely to move higher in the short-term.
  

• A daily close today in Cable above 1.3315 (23.6% fibo retracement) would open levels up to 38.2% Fibo.