H&S on GBPUSD - a retest of the lows in sight?
Hi guys,
I believe this 4H pattern may have been developed. I stand by it as long as the market manages to break 1.2360 today (mid-bollinger on Daily and 13MA on Weekly) - this would validate a retest of the lows from October.
Also take into consideration the continued strength of the
USDOLLAR
and the fact that GBPUSD was not able to bounce back up from the 1.2400-12420 area (which was a strong support).
I would invalidate this trade above 1.2500
I believe this 4H pattern may have been developed. I stand by it as long as the market manages to break 1.2360 today (mid-bollinger on Daily and 13MA on Weekly) - this would validate a retest of the lows from October.
Also take into consideration the continued strength of the
USDOLLAR
and the fact that GBPUSD was not able to bounce back up from the 1.2400-12420 area (which was a strong support). I would invalidate this trade above 1.2500
Comment:
Move under way!