#GBPUSD, #USDx and #USDJPY

As expected, cable resumes its further expansion south. I truly expect this pair to drop ~ 1500-1600+ pips from the high of the year. Some 730 pips until the H&S neckline from the high established on March 4th. The neckline extends all the way from Jan 31st. It will be a 4th and mos likely definitive touch thus breaking the line. Price has dropped some 240 pips already from this weeks high.

  I am glad I took this one and will let it ride.

USDx, as announced on my Twitter page, will go up for late NY session and probably Asian session to cover gaps above as well as bullish MACD divegencies on lower time frames (m15/m30). Than it should resume its drop to 73.93 where it should complete a descending H&S formation observed on the daily chart.

The yen still has a valid diamond-like shape in the works for the daily chart. Lets see if it can hold. In any case, a break south is more likely. For this formation to be valid, we need at least one swing high below last months high which most likely will occur around the 83.42 level.

Cheers to all.