GBPUSD approching convergence area & oversold on the daily.
Warriors!
Back for some battling! Lord Palpy took off he was tired waiting for a crypto crash so he asked me to take the throne back.
I am seing a really nice opportunity here, GPBUSD is oversold and getting to 0.382 of the move that started a bit before 2017 which is surrounded by a supportive area, and not far below that there is also the 0.786 of the smaller term impulse that dates from 102017.
We could bounce on 0.618, we are testing now as support a price which was previously a resistance as can be seen on the daily, but I prefer to wait for the next area which seem very solid, and an rsi even lower will allow me to go in even more confident.
I'll zoom in on that area when we get there and I'll scale in as best as I consider to be, a target will be estimated after a reversal level is hit.
Back for some battling! Lord Palpy took off he was tired waiting for a crypto crash so he asked me to take the throne back.
I am seing a really nice opportunity here, GPBUSD is oversold and getting to 0.382 of the move that started a bit before 2017 which is surrounded by a supportive area, and not far below that there is also the 0.786 of the smaller term impulse that dates from 102017.
We could bounce on 0.618, we are testing now as support a price which was previously a resistance as can be seen on the daily, but I prefer to wait for the next area which seem very solid, and an rsi even lower will allow me to go in even more confident.
I'll zoom in on that area when we get there and I'll scale in as best as I consider to be, a target will be estimated after a reversal level is hit.