Correction underway?

Hello traders and welcome to this evening's commentary. An interesting day spurred on abysmal UK data. This has seen some interesting action in the Aussie and European crosses. Unfortunately I was unable to take advantage of a great pin bar fake out setup on the GBP/AUD which formed on the four hour chart.

From last week's commentary, I was watching closely for the head and shoulders confirmation. This pattern completed on both the EUR/AUD and the GBP/AUD yesterday with the ensuing price action setup occurring today around midday AEST. Unfortunately day job takes priority. It was good looking setup which paid out roughly 4:1. Over the European session, losses on the GBP/AUD accelerated capping off an almost 200 pips decline.

I have marked out the typical head and shoulders break out target which is measured from the break out point. The distance is typically measured as the highest point of the head to the neckline. Will be watching for an opportunity for an entry on any short term retracement as there is still plenty of room for the price action to run.