GBP/USD Showing Head And Shoulders Pattern, May Break Down
Forex4you | Dec 05, 2012 08:05AM ET
The cable is showing a head and shoulders pattern on the hourly chart which looks like it will probably break down. A decisive break below 1.6079 could signal a move down to the price target at 1.6040, although support at 1.6050 could also slow the sell-off. A break above the 1.6118 highs, on the other hand, might negate the H&S and see a covering rally, develop up to old-trend resistance at 1.6140.
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