GBPUSD has formed a Head & Shoulders Pattern! Price has already broken down below the "Neckline" to Confirm that Pattern.
Currently, Price is working its way back up to retest the Breakout and if the level is strong enough and holds, we could see Price follow through with its reversal to lower prices!
If the retest is successful, the May 12th Lows of 1.31741 - 1.31394 could be a good Support level to set as a Price Target.
Now we wait for a Retest!
Trade active
Price here on the hourly seems to have Retested the slightly tilted Neckline @ 1.3362 and showing some resistance!
Short Entry @ 1.3362
SL @ 1.3401
TP @ 1.31738
Note
Securing profits and Taking Partial Profit here.
RSI is showing Price may need to move to the upside for a another retracement to finish the last stretch.
Looking to enter again if price comes back to a level of structure!
Note
Price has made a 61.8% Retracement of the new Low and is showing resistance!
This could be the last short opportunity to finish the Head and Shoulders Extension.
Trade closed: target reached
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.