Head and shoulders: After retreating from 1.5717 GBP/USD held above a previous support at 1.5421 and is now back up to test the 1.56 handle where it has so far shown resistance twice. Note that this is where a previous high in early August was made. A downswing that breaks below 1.55 refocuses on the 1.5421 pivot and therefore would be completing the right shoulder in a H&S pattern. Trendline: Also note that the downswing below 1.55 would probably break below a rising trendline that is coming up from the 1.4813 July and 2013 low. Then, a break below the 1.5420 level opens up the 1.5101 pivot first before exposing the ... (full story)