Head and shoulders pattern for the GBP/USD

Forexmentor.com Forex Trading Price Action

According to Darren Webb of the UK, “we now have a head and shoulders pattern on the daily for the GBP/USD, with MACD topping out, and about to turn south. Stochastics is very overbought too. We have MACD divergence everywhere from the monthly, weekly through to the 4 hour.”

Add to all that the fact that the Big Dogs are net long the US dollar index, and you have a sound argument for this pair being in overbought territory from a position trading point-of-view.

Jason David, another one of our members, is calling for 3676 on the euro. As you can see, we have an active membership at www.forexmentor.com. You should check us out on a regular basis, and catch all the latest trading strategies and member submissions like those posted today.

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