Fxprotrader
Long

GBPUSD Too Many Reasons To Go Long

FX:GBPUSD   British Pound/U.S. Dollar
929 7 23
Price is moving down and will soon reach a key level where we have too many reasons to believe that it will bounce from that level.

1. Lower parallel of a rising channel
2. 0.618 fib level of previous impulsive wave up
3. Pevious structure level (look left)
4. Potential ABC corrective pattern
5. MACD Divergence

Although we have too may factors to buy the market at that level, for a much safer trade we should wait for a buy setup to form at that level.
Nice idea and view . Very good
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Fxprotrader SmilingSword
Thank you..
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Agree. 1.43 will be good demand area.
GBPUSD bulls will be back next week
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Nice chart.. We should still wait for a buy setup to form in that zone..
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Saravan Fxprotrader
Absolutely. I will be watching price actions before set my buy order.
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That's great..
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I too believe a long is coming. But in my friendly opinion, you cannot call bull divergence here (yet) , because that current move down could go further down, and so could that low in the macd. It may not be finished yet.
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