FullTimeTrader
Long

GBPUSD-What's next? weekly long term analisis

FX:GBPUSD   Pound Sterling/U.S. Dollar
394 1 6
Looking at this W1 chart we have various reasons for a bullish bias:

1) False break: price broke a very strong M1 support and retraced inmediately.
2) Bullish divergence on MACD moving averages and the histrogram. This a very strong bullish signal in the divergences world.
3) Four lows in a row: another strong bullish signal in the divergences
4) Inside bar candlestick pattern: a bullish sign
5) Price broke the bollinger bands: when it happens tends to retrace to the middle of bollinger bands (first target) and the opposite band (second target).

The price is now bouncing from the M1 support, could be a chance to enter the market on D1 or lower timeframes.
Lets see what happens.

Best regards
oke
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