Potential GBP/USD 2HR Short Fib Retracement & Counter trendline

May 10, 2019

I have been monitoring this pair closely due to a head and shoulders pattern forming on the weekly GBP/USD as we can see price has tried to create higher movement but failed to do so many times. On the 2HR I have noticed a nice counter trendline forming and a fibonacci retracement forming. I would like to see price come up and tap one of the Fibonacci levels. I do believe price will reacted at 38.2% as you can see on the way down to this level price has respected many different fib levels. To confirm this move I would also like to see a break of the counter trendline with clear bearish bias.