Hanging man occurred at 1.5500 Resistance level, intercepting the 200EMA and the 0.618 Retracement Zone. This creates positive sentiment to the creation of a right shoulder. Path of least resistance is Bearish and next significant support zone occurs at 1.5000, creating a nice 3.5:1 Reward:Risk.
Being a Head and Shoulders pattern however and using the applicable techniques we are ideally looking to target 1.4600 for 6:1 R:R trade.
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howieh2
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with the s&p uk debt downgrade friday looks like to be a sweet looking trade
ForexVader
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Well pointed out correlation!
SharifAzadeh
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Great. With a Hawkish FOMC this week, your bearish scenario for Cable is very likely to occur.