GBP/USD - HEAD & SHOULDERS | TARGET CONFIRMED / BEARS IN CONTROL

GBP/USD isn't looking good as of now. The chart patterns, price action and fundamental news with regards to brexit and economic data leaves GBP/USD in a highly bearish situation.

• Head & Shoulders formation indicating a very large target {1.2160}
  
• Strong trend line break indicating further weakness
  
• Weekly Stochastic to reverse indicating mid-term bearishness
  
• Yet another level taken out {1.2480}
  
• Expecting {1.2350} to provide brief support before breaking
  

VERDICT: Net bearish control until factors change. Short positions to be placed thoughtfully and to be held for the mid-term. Final mid-term target {1.2160}