Head and shoulder pattern nearly complete
Intraday Update: The Cable is within 50 pips or so of completing the head and shoulder pattern. it has been so well telegraphed in the markets that the risk is that we start finding buyers between current levels of 1.2130 and 1.2100 that we never reach the projected 1.2070 target, Daily RSI is very oversold, which is becoming a risk for bears. May not be the time to be long, but it is time to protect profits on shorts.