Check out this trade setup on #GBPUSD! 🇬🇧🇺🇸
📉 The Inverse Head and Shoulders pattern on the 4-hour chart, with a neckline at 1.2276, has just been broken! 📊 This indicates a potential upward trend. 📈
💰 The price is currently consolidating around the 0.235 level of Fibonacci due to high-impact GBP news on GDP m/m. 📢
🚀 Long entry opportunities:
1️⃣ Enter at 1.2313
2️⃣ Wait for a breakout at 1.2337 (0 fib level)
3️⃣ Consider an entry at 1.23076 (0.236 fib level)
❌ Don't forget your risk management:
Set your stop loss at 1.22118 to protect your capital.
💰 Profit targets:
1️⃣ Take profit at 1.2415 (1:1 Risk-Reward Ratio)
2️⃣ Consider a higher target at 1.2517 (1:2 Risk-Reward Ratio)
🌐 On the fundamental side, the USD is currently dovish, and the DXY currency index has been bearish since October 3, 2023. 📅
📚 Remember, it's essential to combine both technical and fundamental analysis for a well-rounded trading strategy. 💡
Trade wisely and stay updated with the latest market trends! 🌍💼💹 #ForexTrading #TechnicalAnalysis #InverseHeadAndShoulders #TradingTips #FinancialEducation 📈💹📚
📉 The Inverse Head and Shoulders pattern on the 4-hour chart, with a neckline at 1.2276, has just been broken! 📊 This indicates a potential upward trend. 📈
💰 The price is currently consolidating around the 0.235 level of Fibonacci due to high-impact GBP news on GDP m/m. 📢
🚀 Long entry opportunities:
1️⃣ Enter at 1.2313
2️⃣ Wait for a breakout at 1.2337 (0 fib level)
3️⃣ Consider an entry at 1.23076 (0.236 fib level)
❌ Don't forget your risk management:
Set your stop loss at 1.22118 to protect your capital.
💰 Profit targets:
1️⃣ Take profit at 1.2415 (1:1 Risk-Reward Ratio)
2️⃣ Consider a higher target at 1.2517 (1:2 Risk-Reward Ratio)
🌐 On the fundamental side, the USD is currently dovish, and the DXY currency index has been bearish since October 3, 2023. 📅
📚 Remember, it's essential to combine both technical and fundamental analysis for a well-rounded trading strategy. 💡
Trade wisely and stay updated with the latest market trends! 🌍💼💹 #ForexTrading #TechnicalAnalysis #InverseHeadAndShoulders #TradingTips #FinancialEducation 📈💹📚
Trade closed: stop reached
STOP LOSS HIT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.