Week 5 Reversal Patterns: Head and Shoulder on GBP USD
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A compelling technical setup has emerged on the GBPUSD chart, signaling a potential long opportunity. The pattern observed is an Inverse Head and Shoulders, a classic reversal pattern indicating a shift from a downtrend to an uptrend. Here are the key details of the trade:
The formation of the Inverse Head and Shoulders pattern provides a strong indication of a potential trend reversal. Traders typically enter long positions once the price breaks above the neckline, which in this case is around the entry price of 1.245.