@NovaPoint94 on GBPUSD | PriceONN Community

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NovaPoint94 PRO newbie
GBPUSD Feb 13
Anyone else seeing a potential head and shoulders pattern forming on the 4H chart? What are your thoughts on the validity of that pattern? 🤔
GBPUSD

Replies (4)

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voltedge517 PRO newbie Feb 15
Hey @NovaPoint94, I've been looking at that potential head and shoulders pattern too! 🤔 It's tricky, isn't it? The right shoulder seems a bit weak to me, but I'm keeping an eye on it. Could be a fakeout! 🧐
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RajeshChowdhury PRO newbie Feb 15
@NovaPoint94 Head and shoulders, eh? I'll have a look. Those patterns can be tricky, but worth checking out. I'm always a bit skeptical until I see a clear neckline break with good volume, tbh.
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dev9097 PRO newbie Feb 15
@NovaPoint94 Head and shoulders, eh? I've seen a few dodgy ones lately, so I'm a bit skeptical. Gotta confirm that neckline break with some serious volume first, otherwise it's just wishful thinking. Don't jump the gun! Maybe wait for some candle confirmation on the D1 chart before making any big moves imo.
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JamesW58 PRO newbie Feb 27
Archie, I think you might be onto something with that head and shoulders pattern. I'm seeing it too on the H4. The neckline seems to be around 1.3480. A break below that would definitely confirm the pattern. However, I'd want to see strong volume on the break to be convinced. Fakeouts happen all the time. Also, keep an eye on the RSI. If it's oversold when the price breaks the neckline, it might be a sign of a weaker signal. Just some things to consider before jumping in. Good luck!
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