Hi Traders! We have a potential GBPUSD buy opportunity from magnet zone. A detailed analysis of this setup is as follows:
GBPUSD H4 Chart:
On the H4 chart the price which was moving inside the range had broken out at the top of this range. Currently the price is pushing lower which is expected to be a correction, once this correction completes itself we can start looking for buys. We have further confirmations in the form of a beautiful uptrend line coming from the bottom of the range and the price has respected this trend line so far, we may expect now the price to respect this uptrend line again and move higher. We already have hidden bullish divergence that has formed so we may expect the bulls to take charge soon. We also have a perfect magnet zone that has formed so once the correction completes itself anywhere near this magnet zone we may expect a bullish reversal to happen.
GBPUSD H1 Chart:
On the H1 chart we don’t have confirmations in the form of false break or divergence. So for me the ideal setup here would be more pushes to the downside and the price entering inside the magnet zone and creating a bullish divergence which appears to be forming at the moment. If that happens then we can look for buys with the breakout of the most recent downtrend line.
Note: As its Non Form Payroll week stay tuned, look for the best setup to form and then look to join the bulls. Don’t fall into market’s trap, always look for confirmations before you get into a trade.
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Yours for your success,