Hello traders. On this 1H analysis of GBPUSD, we see the potential of an Inverse Head & Shoulder (I-H&S) pattern forming at the bottom of a descending parallel channel. The Left Shoulder (LS), Head (H) and the Right Shoulder (RS) have already been formed and we are now awaiting confirmation of the Neckline (NL) in the 1.34300 region. A good entry reason for this long position would be a break and close above this neckline. Also, on the daily TF we can see an unconfirmed bullish engulfing candle. The confirmation of this candlestick pattern would be an additional confluence, suggesting strong bullish movement. The projected levels for this setup is in the 1.36000 region.
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Unfortunately our SL has been hit before reaching our projected target. The descending channel is still being respected so a new long position could be taken with the entry reason being a strong rejection from the channel. Projected target remains.
