H&S pattern threatens | 10 October 2013
10 October 2013, GBP/USD
The chart of cable shows an ominous-looking Head and Shoulders pattern forming at the highs. Price has already breached the neckline and could potentially fall further. I would be looking for a move below 1.5900 to give more bearish confirmation. A horizontal count using the Cohen method gives an eventual target for the H&S at 1.47225! However a more modest target might be the support and resistance level at 1.57125. The BOE rate meeting latter today could cause volatility.
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