Hi Traders! 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 finally at the levels we were waiting for. We have an alternate trend line that has formed and we may expect the price to respect this trend line and move higher. In addition to this price has also created a bullish divergence which we may consider as an evidence of bullish pressure. Everything looks good for the bulls at the moment, we may now look for more confirmations of bullish pressure on lower timeframes in order to join the bulls.
GBPUSD H4 Chart:
On the H4 chart price is at the critical level and if you want to be aggressive then entries with H4 divergence are welcomed. We also have a downtrend line hence for more conservative approach we need to see trend line breakout, or for the safest approach, wait for the price to create higher highs and then we may start looking for the buys.
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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