# GBP/USD: Head and Shoulders Pattern (April 22, 2013) Source: https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/ Language: en Updated: 2013-04-22 Description: Explore GBP/USD: Head and Shoulders Pattern (April 22, 2013). A. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. A potential reversal is looming on GBP/USD as the pair formed a complex head and shoulders pattern on the 4-hour time frame. The pair is currently testing the neckline around the 1.5250 minor psychological support level. Take note that this area used to be a resistance level and is currently the 50% Fibonacci retracement level, which means that it could still act as support. However, stochastic is still making its way into the oversold area, suggesting further downside price action. ![GBP/USD: Head and Shoulders Pattern (April 22, 2013)] The catalysts for today are the U.S. existing home sales and BOE MPC member Tucker’s speech. U.S. existing home sales are projected to climb from 4.98M to 5.02M in March, which might be positive for the Greenback. Meanwhile, Tucker could express support for further asset purchases, which could weigh on the pound. A sell stop order below the 1.5200 major psychological support would be a good level to enter and a target around 1.5000 could yield a reward to risk ratio of 2:1 with a 100-pip stop. The formation is roughly 200 pips in height, which suggests the breakdown could be 200 pips in size as well. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/", "headline": "GBP/USD: Head and Shoulders Pattern (April 22, 2013)", "inLanguage": "en", "datePublished": "2013-04-22T09:59:20+00:00", "dateModified": "2013-04-22T09:59:20+00:00", "articleSection": "Market Info", "description": "Explore GBP/USD: Head and Shoulders Pattern (April 22, 2013). A. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "GBP/USD: Head and Shoulders Pattern (April 22, 2013)", "item": "https://www.tradersway.com/resources/market-info/gbp-usd-head-and-shoulders-pattern-april-22-2013/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```