Good morning traders! Today we bring you an analysis of the GBP/USD 4H chart, as it generated an interesting behavior that can be taken advantage of in the short term. Most likely, this move will happen next week.
Technically speaking, what we see in the chart is the following:
🔸The price practically reached a double bottom with the previous bullish momentum, and from there began a strong upward movement.
🔸This movement broke the descending trendline and the resistance zone (currently support zone).
🔸This is a big bullish sign, but first, we would like to wait for a correction or retracement.
🔸The target we have of the corrective movement is the support zone/uptrend line.
🔸If this happens, we will expect an upside rejection, and our bullish view will be confirmed.
🔸The target of this move is the next resistance zone.
Technically speaking, what we see in the chart is the following:
🔸The price practically reached a double bottom with the previous bullish momentum, and from there began a strong upward movement.
🔸This movement broke the descending trendline and the resistance zone (currently support zone).
🔸This is a big bullish sign, but first, we would like to wait for a correction or retracement.
🔸The target we have of the corrective movement is the support zone/uptrend line.
🔸If this happens, we will expect an upside rejection, and our bullish view will be confirmed.
🔸The target of this move is the next resistance zone.