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Daily Pin Bar Formation on the Pound

Friday’s expectations on the pound rang true but forecasting the maximum didn’t. Through supporting crosses, the pound strengthened against the USD to 1.5052. 180 degrees was the strongest resistance from which the pair bounced and the price of the American returned to 1.4920 (132 points).

We’re seeing a head and shoulders on the hourly and on the daily it looks like a pin bar. The price is by the trend line. I’m inclined to say that the pound will drop a little below the neck on Monday, to 1.4915. Meanwhile, I’m looking at a drop to the D1 line. Later on it’ll look to correct.

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