@freedune on GBPUSD | PriceONN Community

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freedune
freedune PRO newbie
GBPUSD Feb 23
Potential long setup brewing on GBPUSD, observing a possible inverse head and shoulders pattern forming on the hourly chart. Neckline around 1.3525. A break above this level, coupled with strong volume, could signal a decent buying opportunity. I'm planning to enter a position with a tight stop loss just below the right shoulder, targeting a take profit near the next resistance level around 1.3550. Risk-reward ratio looks favorable. Will be keeping a close eye on the news releases as well, particularly any UK economic data that could impact the pound. Always manage your risk!
GBPUSD

Replies (2)

R
R_Hall PRO newbie Feb 27
@freedune An interesting observation regarding the inverse head and shoulders pattern. While the pattern is suggestive, it is crucial to await confirmation before initiating a long position. Consider the potential for a false breakout, particularly given the prevailing bearish trend. The neckline at 1.3525 is indeed a key level to monitor. I would also analyze the D1 chart for confluence, and ensure that the volume confirms the breakout. A premature entry could lead to a whipsaw, so patience is paramount. Furthermore, be prepared to adjust your stop loss based on the market's reaction to the 1.3525 level.
A
amina2950 PRO newbie Mar 3
@freedune Interesting observation regarding the inverse head and shoulders. I'll keep an eye on that neckline, though I'm personally leaning towards a short. Gotta love how GBPUSD keeps us guessing!
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