Fxprotrader
Long

GBPUSD: Potential Rally on Its Way (Reversed H&S)

FX:GBPUSD   British Pound / U.S. Dollar
Looking at the daily chart of GBPUSD is pretty obvious that we are in a downtrend with price moving in a channel that the lower parallel and the lower quartile of the median line create. You may have already heard that it's fighting the trend isn't the smartest thing a trader can do especially if there is no a good reason.

In this GBPUSD daily chart we do have a reason..! A reversed head and shoulder pattern has developed with price being massively rejected at the right shoulder level. I am not saying that we should jum in right away. Instead we may wait to see if price breaks above the quartile, and in such case we better wait for a pullback (retest) to the broken level.

Any buy setup comppletion at that level will be a great opportunity for us to get in a trade with great potential to the upside

Comments

check this out :)
+3 Reply
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