Week 5 Reversal Patterns: Head and Shoulder on GBP USD
A compelling technical setup has emerged on the GBPUSD chart, signaling a potential long opportunity. The pattern observed is an Inverse Head and Shoulders, a classic reversal pattern indicating a shift from a downtrend to an uptrend. Here are the key details of the trade:
Entry Price: 1.245
Stop Loss: 1.229
Target Price: 1.259
The formation of the Inverse Head and Shoulders pattern provides a strong indication of a potential trend reversal. Traders typically enter long positions once the price breaks above the neckline, which in this case is around the entry price of 1.245.
Entry Price: 1.245
Stop Loss: 1.229
Target Price: 1.259
The formation of the Inverse Head and Shoulders pattern provides a strong indication of a potential trend reversal. Traders typically enter long positions once the price breaks above the neckline, which in this case is around the entry price of 1.245.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.