@grayson925 on GBPUSD | PriceONN Community
Has anyone else observed a potential inverse head and shoulders forming on the 4-hour chart? The neckline appears to be around the 1.3380 level. A confirmed break above this level could signal a bullish reversal. I am curious to know if others are seeing the same pattern and what their targets might be should it materialize.
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Update: After further review, the right shoulder is not as clearly defined as I initially thought. The volume isn't quite confirming the pattern either. It is crucial to wait for a clear breakout above the neckline with increasing volume to validate the pattern. Furthermore, upcoming economic data releases could easily invalidate this potential setup. I will remain cautious and wait for additional confirmation before considering any long positions. Perhaps monitoring the RSI for a divergence could offer another confirmation signal. Still watching the 1.3380 area closely.