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After breaking the downtrend upward on 17 NOV 2021, the pair rejected from a previous support area that turned resistance @1.8580, retraced 7 consecutive days without closing back in the downtrend, and increased aggressively to the upside to retest 1.8900. now as you can see on the charts how the pair retraced back all the big moves but still respected the 1.8400 psychological level and still retesting the broken trend (which is usually the case in most GBP pairs.) if you zoom in into the 4hrs time frame, you can see clearly a double bottom formation and broke up and now it's retesting the neckline. If you see also we have an uptrend forming with higher lows, holding support @1.84 (this level is very important and critical for this pair, it's a combination of an intersection of 2 trends + retest of horizontal resistance. As per my plan, I'm looking to buy and my 1st target is 1.8580 (previous resistance and 38.2% from the big fall.
Plan your trade, trade your plan, and trade safely.
disclaimer: our analysis is based on our experience, so make yours before relying to our bias (we are not responsible for any loss resulting from our setup).
After breaking the downtrend upward on 17 NOV 2021, the pair rejected from a previous support area that turned resistance @1.8580, retraced 7 consecutive days without closing back in the downtrend, and increased aggressively to the upside to retest 1.8900. now as you can see on the charts how the pair retraced back all the big moves but still respected the 1.8400 psychological level and still retesting the broken trend (which is usually the case in most GBP pairs.) if you zoom in into the 4hrs time frame, you can see clearly a double bottom formation and broke up and now it's retesting the neckline. If you see also we have an uptrend forming with higher lows, holding support @1.84 (this level is very important and critical for this pair, it's a combination of an intersection of 2 trends + retest of horizontal resistance. As per my plan, I'm looking to buy and my 1st target is 1.8580 (previous resistance and 38.2% from the big fall.
Plan your trade, trade your plan, and trade safely.
disclaimer: our analysis is based on our experience, so make yours before relying to our bias (we are not responsible for any loss resulting from our setup).