My thinking is as follows: 1- GBPUSD over bought at current levels 2- 0.786 retracement level = 1.4353 3- Currently finding resistance at previous support levels 4- The chart pattern does look like a head & shoulder on the longer term 5- 200 Week MA = 1.437 6- The potential wave counts illustrated supports a down turn into a lower low in 12 to 18 months
In the short-term it could head for 1.445 to 1.45 but my view is that in the next few weeks it should start heading down.
Below an inverse view of the pair - USDGBP, which sometimes gives me a different perspective or confirmation on my views.
Nota
Below a view of two outcomes of the next move on the 4HR chart
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