Today, it’s off to see the pound. The higher level charts (weekly, daily) clearly show what appears to be a head and shoulders pattern, and price is now testing the right shoulder.

If it holds, price has nowhere to go but down – what with the Big Dogs shorter than longer, with respect to their sentiment (COT).

Further, MACD has turned down on the hourly chart, and there Is evidence of MACD divergence on the 15 minute. Methinks the pound is running out of gas. We’re either going to have an explosive rally up, up and away above and beyond the right shoulder, or price is going to tank. Should be interesting, to say the least.

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