@ellathompson - GBPUSD | PriceONN Topluluk
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Looking at this chart, it's like a textbook Head and Shoulders pattern forming on the H4, maybe even bigger on the D1. See how the left shoulder was that initial push up, then the head was the failed attempt to break higher around 1.33. Now we're seeing the right shoulder form with this choppy price action. The volume has been lower too, which often happens as a pattern completes. The neckline is basically around that 200 SMA and the S1 pivot. If we break that neckline with conviction, especially with this inflation news about oil pushing the Fed to keep rates high, then it's game over for the bulls. They'll be looking to stop hunt everyone who thinks this is a buy-the-dip opportunity. I'm not touching this thing long until I see a clear break of the neckline and confirmation. This rally feels like a dead cat bounce, pure manipulation to trap retail traders before the big drop.