GBPUSD, Twofold Bull-Flag-Confirmations, Expansion-Bounce Setup!

Hello there TradingView Community!

Let´s jump right into the GBPUSD chart on the 2-day timeframe perspective. As when looking at my chart we can watch there how GBPUSD developed a suitable uptrend within the past weeks and months as it emerged with a decisive breakout out of the paramount massive bull flag formation it has formed in the times moving into the first months of 2023.

This major bull flag formation is now confirming with a healthy confirmational bull flag formation and a strong bounce off the upper boundary of the bigger formation making it a twofold confirmation and together with the volume profile as well as the 50-Moving Average there are further support levels holding this confirmation to the upside.

Now as GBPUSD is bouncing in this very important level this is a setup from where a further expansion-bounce is likely to emerge within the near future. Overall the target zone of the whole bull flag development is above the 1.29 level as marked in my chart. With the current indications there is a increased likelihood for the levels to be reached. We are going to continue having GBPUSD on our watchlist and consider how the price action develops.

Thank you everybody for watching. If you liked my idea feel free to support and let us move forward together.

VP

Comment:

ANALYSIS UPDATE: The GBPUSD Price-Action reached all Bull-Flag Target-Zones in the schedule.

Comment:

ANALYSIS UPDATE: GBPUSD completed the ABC Wave-Count on time and price.

Next formation develops now. Update to lift the dynamics.

Comment:

ANALYSIS UPDATE: GBPUSD completed the bullish bull-flag formation with a massive upper-boundary breakout to accelerate the momentum dynamics.

GBPUSD since completing the major flag breakouts reached all of the target zones appropriately. ✔