GBPUSD Structural S/R| Swing Low| S/R Flip Retest| Local S/R
Evening Traders,
Today’s second analysis – GBPUSD- flipping Structural S/R where a back test must hold for a bullish bias,
Points to consider,
- Bullish Price Action
- Structural S/R Support
- Local S/R Resistance
- Oscillators Bullish Control
- Volume Declining
GBPUSD’s immediate price action is bullish breaking Structural S/R, a confirmed S/R Flip retest will allow us to have a bullish bias.
The Structural S/R is current support, breaking this level will negate our bullish bias on the market.
Local S/R is immediate support that is likely to be respected upon first test.
Both oscillators are trading in corresponding bullish control zones, price is likely to rise further before officially entering overbought conditions.
Current volume profile is below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, GBPUSD is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
Today’s second analysis – GBPUSD- flipping Structural S/R where a back test must hold for a bullish bias,
Points to consider,
- Bullish Price Action
- Structural S/R Support
- Local S/R Resistance
- Oscillators Bullish Control
- Volume Declining
GBPUSD’s immediate price action is bullish breaking Structural S/R, a confirmed S/R Flip retest will allow us to have a bullish bias.
The Structural S/R is current support, breaking this level will negate our bullish bias on the market.
Local S/R is immediate support that is likely to be respected upon first test.
Both oscillators are trading in corresponding bullish control zones, price is likely to rise further before officially entering overbought conditions.
Current volume profile is below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, GBPUSD is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb