I can't get these strokes to make sense as letters, so I think that this is not really a monogram, but instead is a decorative design that just looks like a monogram.
I can see 4 distinct strokes, and monograms are usually just 3 letters. Also, the stroke on the far right, which is outlined in yellow, just isn't quite right as a B, with the extra curly-ques. Even if you try to combine it with the stroke outlined in green, which just doesn't work as the upright of a B.
@annadryl wrote:With your overlay there I almost think I see JHB if you combine the yellow and blue...
That would make the HB into a ligature, and I have never seen them joined like that.
https://en.wiktionary.org/wiki/ligature#English
And then what about the green line? A half-baked S?
