I am learning to create icons in Photoshop, but I'm not sure how to tackle creating this icon.
Is it possible using only Photoshop?
It is entirely possible to create this in Photoshop, using the pen tool to create vector paths, stroking the paths; it would however be far easier and faster to create this as vector art in Illustrator or Affinity Designer, Sketch App or Inkscape.
That said, it's a very basic beziér pen tool exercise - I'd start by drawing it aligned horizontally and rotating once you have it complete to make the process simpler:
I set up guides to make proportioning easier (and I add more as I go through) and start my vertical penline by snapping to the lefthand vertical guide I drew - use
shift to constrain the lines to 45º increments:
Add an ellipse to your path for the hole, starting at the centre (I added a guideline) by holding
option (Mac) or
alt (Win) as you click and pull; switch to the Paths palette (next to the Layers palette), choose your work path and right-click on it to then choose "Stroke Path" (note: select your brush and brush size first!):
Hope this helps.