Hi Traders! We have GBPUSD bullish opportunity forming at the moment. A detailed analysis of this buy setup is as follows:
GBPUSD Daily Chart:
On the daily chart the price is moving inside a triangle pattern and it is respecting this pattern so far. Currently the price has reached the bottom of this pattern and also we have a bullish divergence which has completed itself, we may consider this as an evidence of bullish pressure. Until there is no breakout below the bottom of this triangle pattern, we may expect the price to move higher towards the top of this triangle pattern.
GBPUSD H4 Chart:
On the H4 chart we have multiple false breaks with bullish divergences which we may consider as evidences of bullish pressure. We may now expect the price to move higher and break above the high shown in the screenshot (marked in red line). Once the price breaks above this high, we may then expect pullbacks to happen with bullish hidden divergence to form, we may then start looking for buys with more bullish evidences.
Invalidation: If the price moves lower, breaks and holds below the invalidation level (marked in green dotted lines), then this buy setup will be invalidated.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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