Hi Traders! we have GBPUSD Double Scenario Buy Idea. In this pair the short term remains bearish and in the longer term we may look for the bullish move to happen. A detailed analysis of this fantastic opportunity is as follows:
GBPUSD Daily Chart:
On the daily chart price is still inside the critical level that we are following. We already have a first leg down and now we may expect a second leg to form completing a double wave down as shown in the screenshot. If the price moves lower and reaches the zone shown in the screenshot which is 61.8 of the first leg then we can start looking for buys after we get bullish evidences. As we can see, we already have bullish pressure in the form of bullish divergence. Now we need to look for further confirmations in the form of false break of the daily uptrend line, if it happens it would be a great confirmation and we may expect the price to fly higher.
GBPUSD H4 Chart:
On the H4 chart the price has reached the parallel resistance and support zone forming a range. Currently the price is moving inside this range and is near the bottom of this range. Before we get into any conclusions we need to look for confirmations.
There are two possible scenarios from here which is as follows:
We may expect the price to break below the bottom of the range first and then we may expect it to break below uptrend line reaching the 61.8 zone and then once we get confirmations for bullish momentum in the form of false break of the daily uptrend line, we can start looking for the buys.
Alternatively we may expect the price to move higher after reaching the bottom of the range and then we may expect it to break above the top of the range. Once we get a valid breakout at the top, look for a correction. Once the correction completes itself, we can then start looking for buys.
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