GBPUSD Analysis Daily down to 15 min 4 of 4
After not much on the 60 min we can drop down to this time frame.
Inverted Head and Shoulders Pattern formed here on the Lower day trading time frame which is another good indication that market is likely to reverse.
You can see we have penetrated the neck line and pulled back into that area, so anyone who trades H & S patterns like this then now is not a bad entry level.
The issue with trading this pattern is that unless you are shooting for extended targets initially, you will have an inverse risk reward as stops will need to go below previous structure support.
If you wait for a 618 retracement then you will get a better R:R
Inverted Head and Shoulders Pattern formed here on the Lower day trading time frame which is another good indication that market is likely to reverse.
You can see we have penetrated the neck line and pulled back into that area, so anyone who trades H & S patterns like this then now is not a bad entry level.
The issue with trading this pattern is that unless you are shooting for extended targets initially, you will have an inverse risk reward as stops will need to go below previous structure support.
If you wait for a 618 retracement then you will get a better R:R
