GBP/USD Technical Analysis: Inverted Head & Shoulders Pattern

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 By Deya Hroob




This trade idea is based on daily chart.

GBP/USD  has formed a well-known Inverted Head & Shoulders Pattern. Last Friday, the neckline (resistance) was broken. Usually, the price returns to the broken resistance. Hence, I will trade the retest.



For the targets I always search for  Fibonacci Levels. I will use two different Fibonacci levels taken from different points. So the targets are 1.3080 ,  1.3180

You should ignore this trade set up if the price breaks below the neckline. 

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