H&S on GBPUSD - a retest of the lows in sight?
Updated
Hi guys,
I believe this 4H pattern may have been developed. I stand by it as long as the market manages to break 1.2360 today (mid-bollinger on Daily and 13MA on Weekly) - this would validate a retest of the lows from October.
Also take into consideration the continued strength of the
USDOLLAR and the fact that GBPUSD was not able to bounce back up from the 1.2400-12420 area (which was a strong support).
I would invalidate this trade above 1.2500
I believe this 4H pattern may have been developed. I stand by it as long as the market manages to break 1.2360 today (mid-bollinger on Daily and 13MA on Weekly) - this would validate a retest of the lows from October.
Also take into consideration the continued strength of the
USDOLLAR and the fact that GBPUSD was not able to bounce back up from the 1.2400-12420 area (which was a strong support).I would invalidate this trade above 1.2500
Note
Move under way!
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.