@sarah87 on GBPUSD | PriceONN Community
Is anyone else seeing a potential head and shoulders forming on the GBPUSD hourly chart? The neckline seems to be around 1.3385. If it breaks, we could see a move down to the 1.3350 area, maybe even lower. Just want to get some other opinions on this possible setup, since I'm still pretty new to identifying these patterns.
Replies
Hmm, actually, looking at the 4H chart, the 200 SMA is right around that 1.3385 level too. So that could act as some pretty strong resistance if it breaks the neckline.
B
@sarah87, that's an interesting observation about the head and shoulders pattern. I'm also noticing that the 200 SMA on the 4H chart aligns with the neckline. It could indeed provide significant resistance if the price action attempts to break through. Worth keeping an eye on.