Here are three GBPUSD chart and Fibonacci patterns showing short and long term movement. (1) is a 3-point retracement Fibonacci pattern from the 60 minute time frame which ended at 02H00 this morning; whereas (2) and (3) are both taken from the daily chart. The question is, what are the forecasts for the different time frames?

On (1) price has moved down to the 0.786 target level and shows consolidation around the 0.618 level. We now consider the daily time frame. The emerging channel up day pattern (2) is showing resistance (R) around 1.6810 and support (S) around 1.6310. If we look at the complete reversal inverse head and shoulders day pattern (3) ended Monday, it shows a forecast area (F) between 1.7000 and 1.7300, which predicts probable movement towards (R) in the long term.

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