GBP Analysis Daily down to 15 min 2 of 4
On the 240 Chart, you can see market has put in an initial test of structure with RSI being heavily over sold.
There are a couple of harmonic ABCD moves within the downward move as well.
You could wait for a Retest of structure/Double Bottom and look for Bullish Divergence
If we get the retest and the double bottom is valid, then you can look to set yourself up with a VERY good R:R trading opportunity putting stops minimum 20 pips or 1 x ATR below structure.
Looking to take targets at a 382 retracement of the move which lines up with previous structure and for target 2 at the 618 retracement which also lines up with previous structure.
We will drop down to the 60 min chart to see if any opportunities present themselves there next.
There are a couple of harmonic ABCD moves within the downward move as well.
You could wait for a Retest of structure/Double Bottom and look for Bullish Divergence
If we get the retest and the double bottom is valid, then you can look to set yourself up with a VERY good R:R trading opportunity putting stops minimum 20 pips or 1 x ATR below structure.
Looking to take targets at a 382 retracement of the move which lines up with previous structure and for target 2 at the 618 retracement which also lines up with previous structure.
We will drop down to the 60 min chart to see if any opportunities present themselves there next.
