Hello traders!👋 Welcome to another analysis. Today, we'll be diving into the GBP/NZD currency pair, which presents an excellent trading opportunity.
The chart showcases a price action reversal pattern, "Inverse Head and Shoulders," on its hourly chart. Prior to this formation, the price had been on a prolonged downtrend. With this pattern emerging, there's potential for a change in direction.
The price has broken above the neckline at 2.05029 confirming the pattern.
I recommend placing stops at 50% of the distance from our right shoulder to the breakout.
Profit Targets: at 62% (2.05692) and 79% (2.05861).
Stay tune, there is a lot more to come in this pair shortly.
If you find this analysis helpful, please support by liking and commenting. Your encouragement motivates me to provide more updates!
TCPLTP
The chart showcases a price action reversal pattern, "Inverse Head and Shoulders," on its hourly chart. Prior to this formation, the price had been on a prolonged downtrend. With this pattern emerging, there's potential for a change in direction.
The price has broken above the neckline at 2.05029 confirming the pattern.
I recommend placing stops at 50% of the distance from our right shoulder to the breakout.
Profit Targets: at 62% (2.05692) and 79% (2.05861).
Stay tune, there is a lot more to come in this pair shortly.
If you find this analysis helpful, please support by liking and commenting. Your encouragement motivates me to provide more updates!
TCPLTP
Note
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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.
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.