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Good day fellow traders. I would like to draw Your attention to this pattern that has formed on GBP/NZD H4 chart . There is a pretty good quality Head and Shoulders pattern here. Very clear left shoulder , but smaller and weaker right shoulder. In my opinion it shows that there is enough buying power. I already wrote an article about this pair regarding the daily chart setup where we have something that could be a widening triangle. Daily price action also supports bearish outlook, The distance from the head to the neckline is 650 pips, so by the definition it should go down another 650 pips after break out. That would make 1.900 as a target. There is some reasonable support at 1.9100 and 1.9200 as well. NZD/USD should support this scenario. Though this pair is much more volatile.
