#GBPUSD Head & Shoulders Neckline

It seems that we finally have a break of the neckline on the original trade from the top of the right shoulder taken may May 30th. My original position is 1.6535. Today I added some more at the break of a rising wedge and have protected my stops already as this one will most-likely be gone.

It's a great professional realisation to be able to catch the very top of such a formation because they are very rare.

1.5380 seems to be the measured objective target (MOT). A 1155 drop from the initial entry is to be expected. Not bad for a 30 pip SL entry ;-). However, I have reason to believe that price will head even lower. Will handle the situation accordingly when close time comes.

It's still, my firm belief that we will keep witnessing a bullish USD 'til 2013 or so.

Time will tell.

Here is the chart.

The daily chart with the H&S formation and todays neckline break.