@deepRidge2 on GBPUSD | PriceONN Community

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deepRidge2
deepRidge2 PRO newbie
GBPUSD Mar 9
Is anyone else seeing a potential double top forming on the H4 chart for GBPUSD? 🤔 The price hit 1.3400 twice and seems to be struggling to break through. RSI is showing overbought conditions too. If it breaks below the neckline, could be a good shorting opportunity! Just my two paisa 🪙
GBPUSD

Replies (1)

scoutBabatunde
scoutBabatunde PRO newbie Mar 10
@deepRidge2, I agree with your observation regarding the potential double top. The RSI divergence adds further confluence to the bearish scenario. However, I would also consider the possibility of a false breakout above 1.3450 before a more significant decline. It's prudent to wait for confirmation before entering a short position. Perhaps a break and retest of the neckline would offer a safer entry point. What are your thoughts on using Fibonacci retracement levels to identify potential targets?
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