Fxprotrader
Long

GBPUSD Pending Cypher At Right Shoulder's Level

FX:GBPUSD   British Pound/U.S. Dollar
Looking at higher timeframe we may easily see that we have the completion of reversed head & shoulders pattern. The most common way to trade this pattern is to wait for a breakout above the neckline and go long. In this GBPUSD             hourly chart we have a pending bullish cypher with it's D point at the level of the right shoulder of the pattern.

Stoploss and profit targets as shown at the chart. If price reaches the first target we should move the stoploss to BE at second position

Reversed head & shoulders patterm
snapshot


thanks for sharing, I will keep an eye on it.
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You are welcome
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