EURGBP SHORT TOWARD 38% FIB RETRACEMENT LEVEL

The EuroPound pair is developing a 10yr head and shoulders pattern as the downward trend has broken through a key support level previously seen before 5 and 2 yrs ago. It has continued its short toward the 23% weekly fib level and will head toward the 38% monthly fib level, as stated above. Consolidation may occur when it reaches the 38% mark, but a completion of the head and shoulders pattern will end this 15yr pattern.