GBPUSD faced strong resistance at 1.307x/8x area which may become point IV of a grand bullish formation if this level holds well.
There is a number of factors which support this possibility:
RSI is showing bearish divergence at H4/H1/m30 timeframes.
The volume showed support for possible reversal of the recent bullish trend.
Currently, the price is floating in nearly the same area as when the previous day session started. Neither side is being supported by significant volume change.
If this accumulation phase is followed by bearish candles backed by spikes of medium/high volume, it will be the strong confirmation for further move to the South.
Taking all this into consideration (especially short SL vs good potential TP), even though though no bearish WW is currently active, 6 positions were opened.
There is a number of factors which support this possibility:
RSI is showing bearish divergence at H4/H1/m30 timeframes.
The volume showed support for possible reversal of the recent bullish trend.
Currently, the price is floating in nearly the same area as when the previous day session started. Neither side is being supported by significant volume change.
If this accumulation phase is followed by bearish candles backed by spikes of medium/high volume, it will be the strong confirmation for further move to the South.
Taking all this into consideration (especially short SL vs good potential TP), even though though no bearish WW is currently active, 6 positions were opened.
Trade closed: stop reached:
After initial bounce, the pair kept moving up, SL above the previous peak was hit, no positions were kept.