GBPUSD is in a downtrend and price is bouncing between the SR levels (yellow lines)
We have two scenarios:
Bullish:
There is a resistance zone between 1.3345 - 1.3350 which also a minor high, and if price breaks this area and closes a bullish confirmation candle above it, we can expect a rise to 1.3388 and in the case of an upside breakout on this level, the next target would be 1.3445
Moreover, there is a positive divergence between the price lows and MACD in the Daily time frame:
Although price has made a lower low, MACD has made a higher low which tells us there is a high probability of an upside move.
Bearish:
On the other hand, since we are in a downtrend, we should wait for the last low at 1.3290 to be broken and if price closes a bearish confirmation candle below this level, the next target for GBPUSD is around 1.32
What is your side on GBPUSD?
Feel free to share your ideas in the comments.
We have two scenarios:
Bullish:
There is a resistance zone between 1.3345 - 1.3350 which also a minor high, and if price breaks this area and closes a bullish confirmation candle above it, we can expect a rise to 1.3388 and in the case of an upside breakout on this level, the next target would be 1.3445
Moreover, there is a positive divergence between the price lows and MACD in the Daily time frame:
Although price has made a lower low, MACD has made a higher low which tells us there is a high probability of an upside move.
Bearish:
On the other hand, since we are in a downtrend, we should wait for the last low at 1.3290 to be broken and if price closes a bearish confirmation candle below this level, the next target for GBPUSD is around 1.32
What is your side on GBPUSD?
Feel free to share your ideas in the comments.
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