Tuesday, April 21, 2009

GBP Head & Shoulders target complete. Testing .382 fib level support

gbp usd hourly 19.04

The target for the Head & Shoulder pattern i wrote about last week was achieved today, with a drop below 1.46

Price is now testing support from the .382 Fibonacci retracement level.  Any rallies from here should be used to take short positions. Any drop below could then target the 50% level below 1.44 (levels more clear on 240 mins chart below)

gbp usd 240 mins 19.04