@deepRidge2 on GBPUSD | PriceONN Community
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 🪙
Replies
@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?