GBP/USD Potential Bullish Reversal - Cup and Handle Formation

14 нояб. 2023 г.

GBP/USD is currently on the verge of the lower boundary of an upward channel and forming a Cup and Handle pattern, indicating a potential bullish reversal. The entry point may occur after the price successfully breaks and retests the SNR level at 1.23113.

Technical Analysis:

-The Cup and Handle pattern is forming, signaling a potential bullish reversal.
-The price is approaching the lower boundary of the upward channel.
-SNR level at 1.23113 is a critical point for breakout confirmation.

Trade Plan:

-Entry Point: Wait for the price to break and retest the SNR level at 1.23113.
-Stop-Loss: Place a stop-loss below the nearest support level or according to your personal risk tolerance.
-Profit Target: Set a realistic profit target, possibly at the next resistance level (1.25497)

Special Considerations:

-Monitor economic news and fundamental factors that may affect GBP/USD.
-Do not hesitate to exit the trade if there are significant changes in market conditions.