FTSE 100 – Potential inverse head and shoulder on hourly

Pair’s retreat from the NY session high of 1.3121 to 1.3040 if followed by a break below 1.30 would suggest the retreat from the Sep 6 high of 1.3445 has resumed and could yield a move to 1.29 levels.

On the other hand, a rebound from near 1.3040 amid the bullish crossover between hourly 50-MA and hourly 100-MA would increase the odds of the pair moving towards inverse head and shoulder neckline of 1.3130, which is also a larger falling trend line resistance.