Hi Traders! We have GBPUSD sell opportunity forming at the moment. A detailed analysis of this setup is as follows:
GBPUSD H4 Chart:
On the H4 chart we have a bearish momentum and the price is moving lower. We have a perfect downtrend line that has formed and the price is respecting this trend line so far. Currently the price is moving higher towards this trend line, we may now expect one more push higher with the price reaching this downtrend line and a reversal to happen from there. We also have a bearish hidden divergence that has formed which we may consider as a confirmation for bearish pressure. Hence one the price reaches the downtrend line and if we didn’t get a valid breakout (false breaks are accepted), we may then start looking for sells. We will look for more confirmations on lower timeframes in order to join this sell trade.
GBPUSD H1 Chart:
On the H1 chart the price has created a uptrend line and the price is respecting this trend line so far. Now we may expect the price to move higher and reach the critical zone shown in the screenshot and a bearish reversal to happen from that zone. We can then go short with the breakout of this uptrend line.
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