🔔 RSI and MACD indicators on a 4-Hour GBPUSD are signalling an upcoming bullish reversal. The pair has also formed a double bottom pattern when GBPUSD retraced strongly after a retest of $1.34200 level.
🔔 Based on the price action, and taking into account a conceivable volatility this week during the release of the Economic data from the US, GBPUSD may also retest the $1.34200 and $1.33200 below that.
🔔 The retest of $1.33200 will complete a 5-wave move of the bullish flag and we can expect an escape from the bearish downtrend channel. However the indication of a high purchasing power on November 5 after a retest of $1.34200, RSI and MACD indicators signal that the uptrend reversal of the pair is already in progress.
✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
I dont thinks that pattern on H4 is a bullish divergence.
In order for it to be a divergence, the RSI should be flat (this is correct on how you spot it), but the price should be making a lower low.
price making lower low, but RSI is flat is meaning that the price already at the lowest, and cannot go any lower because it's already double bottom (on RSI).
But right now its not LL, but HL.
meaning it will drop even lower.
my predict is it will go lower until 1.15133. We wait there for a rejection candle. if there's a rejection candle, we can put a buy
fitryfahmi2
⋅
@fitryfahmi2 if you put a Stochastic indicator, you can see clearly there isn't a buy signal yet