Hi everyone, new to the forum and sharing my first trade idea so please be kind
I am looking at GBPUSD and seeing what is potentially a lovely higher timeframe H&S reveersal pattern off the extreme low of the price crash. I can also see confluence with the 50% fib level on the pullback to form a right shoulder.
Currently on the 1hr TF there is a a lower high on the double top, suggesting the short trade is on to form the right shoulder.
There is CPI news for the USD coming up this week (no expert in fundamentals by a long way), could this be a driver for the next leg possibly…
Looking short from where we are sitting right now but ultimately eyes on the long to complete this reversal pattern if it plays out.
Thoughts on this trade idea are much appreciated