Hi Traders!
We have a Head & Shoulders trade setup here on GBPUSD 1D chart.
The market looks to be approaching the neckline and we are now looking for a break and close to the neckline with momentum to target lower levels.
If we get a break and close of the neckline, we have the profit target level at 1.21761 and if you want to hold on for a larger risk reward trade, our second target level is at 1.20156.
The ideal entry point is to either wait for a break and close to the neckline or to wait for a break with a retest of the neckline.
On the other side of the trade, if we fail to break and close below the trendline, we will most likely stay in the range as there is a current lack of bullish momentum.
We will keep a close eye on this and will update you if we get any further action on this setup.
Please make sure you give us a like, follow and comment.
Thank you for your support.
BluetonaFX
We have a Head & Shoulders trade setup here on GBPUSD 1D chart.
The market looks to be approaching the neckline and we are now looking for a break and close to the neckline with momentum to target lower levels.
If we get a break and close of the neckline, we have the profit target level at 1.21761 and if you want to hold on for a larger risk reward trade, our second target level is at 1.20156.
The ideal entry point is to either wait for a break and close to the neckline or to wait for a break with a retest of the neckline.
On the other side of the trade, if we fail to break and close below the trendline, we will most likely stay in the range as there is a current lack of bullish momentum.
We will keep a close eye on this and will update you if we get any further action on this setup.
Please make sure you give us a like, follow and comment.
Thank you for your support.
BluetonaFX