GBP/USD -15/12/2022-
• Potential inverse head and shoulders
• Bullish reversal pattern forming after a downtrend bottom
• Expect right shoulder to have a higher support than left shoulder
• Therefore, a retracement to 1.20 or 1.19 expected before the upside breakout
• Breaking the left shoulder's support around 1.17 invalidates this pattern
• Upside target is projected based on the height between head and neckline
• Successful breakout implies Pound surging towards 1.40
• Bullish reversal pattern forming after a downtrend bottom
• Expect right shoulder to have a higher support than left shoulder
• Therefore, a retracement to 1.20 or 1.19 expected before the upside breakout
• Breaking the left shoulder's support around 1.17 invalidates this pattern
• Upside target is projected based on the height between head and neckline
• Successful breakout implies Pound surging towards 1.40
Ramzi Abou Abdallah, CFTe, CMT
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