GBPUSD - head and shoulders everywhere

28 sept. 2016

The Pound bounced off its trendline support a few times in the last few days and may well be in the process of a 4th wave triangle correction. If that were the case then it is in a E wave rally at the moment and could expect to climb to the 1.33 area. However, those multiple head and shoulder formations look pretty ominous to me and with the recent weakness and negativity surrounding the pound we could see another impulse move anytime soon.

30 sept. 2016

Note

Pound still stubbornly holding above trendline support.

3 oct. 2016

Note

Not anymore.

7 oct. 2016

Note

Played out pretty well.