The pound is about to drop, we have a head and shoulders pattern in place, its just a continuation drop, its much expected! If the neckline gets penetrated then there is still room for more pips to drop, not a lot, but just a few! Price found resistance at S1 level and bounce right of it, telling us it will continue the downward movement !!! Hourly chart formed railway tracks which support a move lower. There is a bigger head and shoulders on the hourly chart which should propel prices lower!