GBP/USD Possible Bullish Inverse Head & Shoulders Formation

Looks like the Bulls are out to play. A push above the neckline suggests an 840+ pip Bull run. I expect to see more strength in the Pound against the USD and NZD in particular but markets are very shaky right now.

Keep in mind while GBPUSD and GBPNZD look bullish, GBPCAD and GBPAUD look much more bearish from a long-term perspective.

Kommentera:

For further evidence, confirmation and clarification I've been searching for signs of Bullish Divergence to give more confidence in the long trade taking shape and lo and behold...

There is also the same Bullish Divergence setting up on the GBP/NZD too but this pair is much more pronounced due to the weakening U.S. Dollar.

Let's see what happens over the next couple of weeks.