#GBPUSD possible rebunce on reverse H&S neckline!
Hi All, my main 3 take-outs from this analysis are the following:
1- The cross is just re-testing the static support at 1.3360, which also recalls the neckline of a wide reverse head & shoulder, which is visible in the daily chart.
2- The cross is rebouncing on the 61.8 fibonacci level of the uptrend leg that started on Sep 2020 from the 1.27 level, and this might be an area of demand which might support the rebounce
3- Talking about correlations, the fact that EUR/USD is also possibly rebouncing might support the idea of a weaker dollar in general
Not a financial advice, just personal opinion. Do your own due diligence and good luck!
1- The cross is just re-testing the static support at 1.3360, which also recalls the neckline of a wide reverse head & shoulder, which is visible in the daily chart.
2- The cross is rebouncing on the 61.8 fibonacci level of the uptrend leg that started on Sep 2020 from the 1.27 level, and this might be an area of demand which might support the rebounce
3- Talking about correlations, the fact that EUR/USD is also possibly rebouncing might support the idea of a weaker dollar in general
Not a financial advice, just personal opinion. Do your own due diligence and good luck!