GBPUSD: Anyone Else Watching This Retest As Closely As Me?

FX:GBPUSD   British Pound / U.S. Dollar
893 5 19
Analysis on chart!

Previous dynamic support was broken and now we are testing structure support! Price at the time of writing this is coming down to retest this zone where we have 2x 1.272 Fib Extensions, 1.414 Fib Inversion, Potential Double Bottom and Divergence on the RSI!

If we are to reach this zone I am waiting patiently for an entry signal on this pair as we may well have a low risk high reward trade! A longer term target may be the previous dynamic support but I would look first at the 1.5430 area initially!

Please continue to hit that like button and comment away if you like this idea, all your support means a lot!

Yup seeing divergence...4hr A/D osc, CMF and RSI(9) all showing it.
I took this same trade already, for the reason that a still valid Head and Shoulders pattern has formed and before a Cypher was just completed, RSI divergence and descending Volume from the left shoulder to the head and than the right shoulder.
+1 Reply
SmartTradingFX Koryphaeen
Thanks for sharing! Looks good
Reply waiting this from last week, but 4h not yet ready
+1 Reply
Cool! Nice to hear another trader has the same idea... I'm waiting to see how price reacts in this zone and of course wait for the next candle! I will trade this off my trading TF which is the 1H! Thanks for your comment
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