We’ve been watching the GBPUSD closely of late due to head and shoulders patterns at various degrees of trend. The short term head and shoulders composes the right shoulder of the larger pattern. Those not already short should sell strength against 1.6580. 1.6475 and 1.6500 are resistance levels. A measured objective is 1.6300 (161.8% extension of 16746-16519) but the decline may very well carry until the larger neckline, which is near 1.6200.
