GBPUSD – Possible Head & Shoulders – Weekly Timeframe


Click here to view chart.
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.
Advertisements
This entry was posted in ABCD, Forex, GBPUSD, Harmonic Pattern, Head & Shoulders, Misc. Setups. Bookmark the permalink.

2 Responses to GBPUSD – Possible Head & Shoulders – Weekly Timeframe

  1. Tomasz says:

    Hi, I have been following your blog for a year, good analysis…thx for posting!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s