Hi Traders! We have GBPUSD buy setup forming at the moment. A detailed analysis of this bullish opportunity is as follows:
GBPUSD D1 Chart:
On the daily chart the price which was moving lower has created multiple false breaks and in addition to this we also have bullish divergence that had formed which we may consider as evidences of bullish pressure. In addition to this the price has also reached the D1 spike. We may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
GBPUSD H4 Chart:
On the H4 chart we have a good downtrend line that has formed and the price is respecting it so far. Currently the price is nearing this dynamic resistance and if we get a valid breakout here, we may then consider this as an evidence of bullish pressure. We may then look for a breakout above the last high and then we may look for pullbacks and buys with more bullish evidences.
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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