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Exactus
Feb 9, 2023 2:47 PM

GBP Intraday support bounce & inverse H&S pattern?! 09.02.2023 Long

British Pound/U.S. DollarFXCM

Description

Nice combo of bullish short-term indications.
Support trend-line since October 2022 to today just confirmed again with aggressive bounce (3rd test of trend-line).
3 lows with middle lower low show potential for inverse head & shoulder pattern (bullish) with 1.2170 middle neck-line resistance , with daily candle close above 1.2390 may be reached very quickly.
A break above 1.239 may lead to 1.2540 resistance which is connecting highs since back to August 2020 resistance trend-line.
Drop below 1.2117 may lead down to 1.1650 longer term with daily candle close (very much less likely) could be a great stop loss below 1.2117 and take profit at 1.2390 for much greater reward than risk.

Comments
KlejdiCuni
I am watching for a stronger movement during these days as the price is reacting very well. I agree with you. Thanks
Exactus
@KlejdiCuni 🙏🏻🙏🏻🙏🏻
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