GBP/USD has been in a bullish trend on the 4 hour timeframe, as evidenced by a series of higher highs and higher lows. Recently, the price tested the 50% retracement level and bounced off it, indicating that this level is acting as support.
The price tested the weekly support level and bounced off it, creating an impulse to the upper resistance.
This is a bullish sign, as it suggests that buyers are stepping in and pushing the price higher.
How can i Approach this scenario?
If the price of GBP/USD breaks through the daily resistance level, it would be a strong bullish signal that the uptrend is likely to continue. A break above resistance can often lead to a sharp price increase, so it could be a good opportunity for traders to enter a long position.
To confirm the breakout, traders should wait for a daily candle to close above the resistance level, as this would indicate a clear break.
If this happens, traders could set a long order at or above the resistance level according to the Plancton's strategy rules.
The price tested the weekly support level and bounced off it, creating an impulse to the upper resistance.
This is a bullish sign, as it suggests that buyers are stepping in and pushing the price higher.
How can i Approach this scenario?
If the price of GBP/USD breaks through the daily resistance level, it would be a strong bullish signal that the uptrend is likely to continue. A break above resistance can often lead to a sharp price increase, so it could be a good opportunity for traders to enter a long position.
To confirm the breakout, traders should wait for a daily candle to close above the resistance level, as this would indicate a clear break.
If this happens, traders could set a long order at or above the resistance level according to the Plancton's strategy rules.
Comment:
a new test of the 50% Fibonacci
