Head and Shoulders unfolding?

The EURGBP has it all with a textbook H&S formation - the right shoulder even acted as a retest of the 20 SMA.
The Head was a classic squeeze-spike.

The downside potential is limited and price will run into the first support quickly at 1.9R. If price can pick up more momentum, we could see a larger correction.

Europe is opening soon, which will give more clues about the direction for this trade.