Major move down for GBP/USD?

Trading Discussion Currencies
1

Well I noticed a head & shoulders on GBP/USD Daily charts. Now I realize H&S usually indicates a reversal and this wouldn’t be a reversal but it could have a possible application here.

Anyway here’s the H&S, you can bring it up in your 1-Day charts as well:

Also the seasonal GBP/USD chart shows that a major move downward would coincide with with a seasonal drop:

Anyhow I’m kind of new to FX trading so I would appreciate comments and feedback but its also something I’m going to be keeping my eyes on for the next several weeks

2

I have just started looking at this pair, but it seems that since around late December it has been in a nice ranging pattern…and that pattern is on the descent…

gbp usd.jpg700×342 20 KB

3

Sorry…don’t think my attached file worked…

4

No I see your image.

But yeah it’s been in a range since as far back as November. Should be interesting to see how that range holds though and any subsequent breakouts.

5

1.4488 Strong level
The bearish scenario is consolidated but we could see a temporal change of direction to adjust the downtrend.