Hi Traders! GBPUSD short term bullish opportunity is forming at the moment. A detailed analysis of this buy setup is as follows:
GBPUSD H4 Chart:
On the H4 chart we have a potential double cycle up that is forming at the moment. After the initial move up currently a correction is happening inside a range. This range is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price is at the top of this range, if we get a valid breakout here we may then expect another push up in cable and then most likely we will see further drops. Based on the fibo extension levels of the first leg of this potential double cycle, if the price breaks above the range we may then expect it to move higher until it reaches the critical zone formed by the 61.8% – 100% fibo extension levels. Hence we may look for short term buy opportunities with 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.
If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $97 PER YEAR.
Also you can get one of my strategies free of charge. You will find all the details here
Yours to your success