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Possible Head & Shoulders (H&S) pattern developing on the weekly GBPUSD chart.
– Need a clear break below the neckline to consider shorting.
– Also have an ABCD pattern developing … BC = 61.8% of AB,with a price targets of 127.2% & ideally 161.8% projections of BC
– The H&S target coincides with 200.0% projection of AB (alternate AB=CD)
– 161.8% AB projection confluences with prior weekly support below the neckline.
Trading this directly off the weekly chart would require a very wide stop loss. If there is a clear break below the neckline, then one can look at lower timeframes to enter shorts with tighter technical stops.