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