Welcome traders to another trading analysis on the GBPUSD pair.
We are looking at the 4h timeframe and we saw GBPSUD on a nice down trend the last weeks. Looking at price now, we can see that there is something forming like a bottom right now. Price did already a nice divergence on the low and broke out of that structure.
Another confirmation is that price broke already the bearish trend line.
I do not want to enter the trade for now, because i want price to be a little bit more deeper than it is from now. My possible entry zone is the yellow box, which also indicates the fibonacci levels. I will keep you guys updated if price reaches this zone and when im entering the trade.
Wishing everyone of you guys a successful trading and a great weekend!