Head and shoulders pattern. Early in the London session we saw 1.24 broken from strong selling pressure after price was unable to break above 1.25. On the lower time frames we've seen price retrace into the mid 1.24 levels lining up with key Fibonacci levels and have entered a sell around these significant levels. If price can push through 1.24, invalidate the ascending trend line and our right shoulder, then we can expect price to head towards the neckline. In that scenario, if the neckline is broken then price could push much lower and we could see the extreme lows retested. From a COT perspective, banks are continuing to reduce their Sterling exposure.