Hi traders and lets have a look at GBPusd chart from a bigger perspective and see where we are and what can happen in higher time frame. And I will share another Idea in near feature regarding to this idea but in lower time frame to spot a good entry together so make sure to follow my page.
In Daily time frame as you can see in my chart price is sitting on a very very important support area which happen to hold the price 5 times before also price is at bearish channel lower boundary which gives us another confluence. Sum of these 2 important support area creating a zone for us which worth to keep an eye on.
But the one thing that made me most bullish with this chart is if you look at the Daily chart on November 30th we have an overextension candle which tried to breakout our bearish channel from below but failed and turned to exhaustion candle(false breakout, intraday penetration) which is a very powerful candle in terms of reversals signal.
In case of trading this pair keep in mind however price in higher time frame giving us some signals for bullish move but in lower time frame we are still in bearish structure (Price creating Lower lows and Lower highs) which means no trading just yet. But as I said I will share another Idea as soon as those signals revealed, so make sure to follow for more Ideas and enjoying trading together.
Cheers,
In Daily time frame as you can see in my chart price is sitting on a very very important support area which happen to hold the price 5 times before also price is at bearish channel lower boundary which gives us another confluence. Sum of these 2 important support area creating a zone for us which worth to keep an eye on.
But the one thing that made me most bullish with this chart is if you look at the Daily chart on November 30th we have an overextension candle which tried to breakout our bearish channel from below but failed and turned to exhaustion candle(false breakout, intraday penetration) which is a very powerful candle in terms of reversals signal.
In case of trading this pair keep in mind however price in higher time frame giving us some signals for bullish move but in lower time frame we are still in bearish structure (Price creating Lower lows and Lower highs) which means no trading just yet. But as I said I will share another Idea as soon as those signals revealed, so make sure to follow for more Ideas and enjoying trading together.
Cheers,
