Hi Traders!
There is a potential Head & Shoulders opportunity here on the GBPUSD 1D chart.
The market looks to be approaching the neckline, and we are now looking for a break and a close below the neckline with momentum to target lower levels.
If we get a break and close of the neckline, we have the first profit target level at 1.26800, and if you want to hold on for a larger risk-reward trade, our second target level is at 1.25000.
The confirmation signal for entry will be to either wait for a momentum break and close to the neckline or to wait for a break below with a retest of the neckline. We must get this for the potential opportunity to be fulfilled.
On the other side of the trade, if we fail to break and close below the neckline, we will most likely go back to the upside to retest 1.30000.
We will keep a close eye on this and will update you if we get any further action on this setup.
Please make sure you give us a like, follow, and comment.
Thank you for your support.
BluetonaFX
There is a potential Head & Shoulders opportunity here on the GBPUSD 1D chart.
The market looks to be approaching the neckline, and we are now looking for a break and a close below the neckline with momentum to target lower levels.
If we get a break and close of the neckline, we have the first profit target level at 1.26800, and if you want to hold on for a larger risk-reward trade, our second target level is at 1.25000.
The confirmation signal for entry will be to either wait for a momentum break and close to the neckline or to wait for a break below with a retest of the neckline. We must get this for the potential opportunity to be fulfilled.
On the other side of the trade, if we fail to break and close below the neckline, we will most likely go back to the upside to retest 1.30000.
We will keep a close eye on this and will update you if we get any further action on this setup.
Please make sure you give us a like, follow, and comment.
Thank you for your support.
BluetonaFX
Note
First target of 1.26800 reached.
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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.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
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.