I’ve never been good at spotting a H&S pattern and hopefully someone in the forum can confirm this please, as it looks to me as if an inverse Head and Shoulder might be forming now and not sure if this pattern should extend a bit longer and whether a less liquid pair like GBPCAD need more time to develop a reliable pattern? From what I see the neckline support is at 1.6730. If I’m wrong again with H&S, I’m going to just wait for a re-test of 1.6730 as support to buy.

GBPCAD - H&S PATTERN?

Source: MARYNA

6 thoughts on “HELP! GBPCAD – DAILY HEAD AND SHOULDER PATTERN? – 13 NOV”

  1. Rana Haq says:

    Thank you for this update. I am just thinking, it may not be a crown pattern, as support is turning into resistance in this hypothesis.

  2. Hadyn S. says:

    Hi Maryna! That is as nice an inverted head & shoulder reversal pattern as we generally get. The pair took a Bull run afterwards, and has now retraced back to area that has been tested by both Bulls & Bears a lot since July 2016. I like your break above and retest of 1.6730, but I will wait for the chart to tell me the story.

  3. Ryan Gandalf van Jaarsveld says:

    Bears sold at MM3 at the start of the month. Bulls did enter at MM2 though not enough to take the pair above MPP. The daily chart is not trending – we are in a range between the price you have labeled as the head and 1.7523 (which also marks MM4). I am not saying this is pattern does not have the structure of a head and shoulder pattern or that you or Haydn are wrong – I just wonder why we did not see stronger bids at MM2. Currently, the target for this pair is 1.6341 which is MM1. I also note that Bulls did not buy at WM2 either. Big fat bearish gap at market open. If we come off the weekly target today or tomorrow and head higher I see Bears dropping this at MPP to complete their monthly swing down to MM1/ MS2. Let’s see how it plays out.

    1. Maryna says:

      Thanks Ryan and I will wait for a Daily close above 1.6730 to buy and see how the market reacts to this level on a Daily chart. LOL, still trying to spot H&S patterns!!

  4. Dalmas Ngetich - FOREX.TODAY says:

    That’s definetly an inverted head and shoulder formation..y are people shorting the pound??

    1. Maryna says:

      Thanks Dalmas! I did not take any trades on this pair today and waiting to see how it will close on the Daily.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.