Looking at higher timeframe we may easily see that we have the completion of reversed head & shoulders pattern. The most common way to trade this pattern is to wait for a breakout above the neckline and go long. In this GBPUSD hourly chart we have a pending bullish cypher with it's D point at the level of the right shoulder of the pattern.
Stoploss and profit targets as shown at the chart. If price reaches the first target we should move the stoploss to BE at second position
Reversed head & shoulders patterm
Stoploss and profit targets as shown at the chart. If price reaches the first target we should move the stoploss to BE at second position
Reversed head & shoulders patterm