This is where I see gbpusd going into and the reasoning behind it
Weekly timeframe:
- Price came into the weekly level at 1.322 and formed a hammer cs which indicates reversal( bullish pressure wants to come back into the market).
Daily timeframe:
-Price formed a morning star at the 1.32 psychological level. The middle of the MS is a clean hammer cs. The bullish of the MS then took out the previous LH with strong momentum to form a new HH
4 hour:
- Price formed a clear Hl at the 1.32 psychological level (indicated by yellow zone) via the bullish engulfing cs which engulfed 28 hours of PA. Price also broke out of the inner channel and retested it via the same bullish engulfing. Price also took out the outer channel with STRONG bullish momentum.
--> Gbpusd clearly is reversing and is long. First region to look at is 1.335 and then 1.35. You can wait for an imminent pullback and can then look to get in.
Weekly timeframe:
- Price came into the weekly level at 1.322 and formed a hammer cs which indicates reversal( bullish pressure wants to come back into the market).
Daily timeframe:
-Price formed a morning star at the 1.32 psychological level. The middle of the MS is a clean hammer cs. The bullish of the MS then took out the previous LH with strong momentum to form a new HH
4 hour:
- Price formed a clear Hl at the 1.32 psychological level (indicated by yellow zone) via the bullish engulfing cs which engulfed 28 hours of PA. Price also broke out of the inner channel and retested it via the same bullish engulfing. Price also took out the outer channel with STRONG bullish momentum.
--> Gbpusd clearly is reversing and is long. First region to look at is 1.335 and then 1.35. You can wait for an imminent pullback and can then look to get in.