GBPUSD reversed from the 1.3175 level. I wrote about the possibility of such a pullback in my previous GBPUSD ideas. However, at the point, it is important to figure out if this is a reversal or just a small correction.
1.2980 is a support level. So, only a break of this level will imply that the uptrend is broken. As long as price stays above the 1.2980...
We can see based on previous price action that once the red area has been broken price falls to the support level highlighted at the bottom of the chart
Price has broken its daily trend line and came up for a retest
We are looking for a BEARISH candle to break the support zone so we can take a short position
On the 4hr TF and the daily TF, we can see divergence...
In my previous #GBPUSD idea, I told you to buy at the 1.3030 level and target the 1.3150 level( idea link attached below). As you can see, price reached the 1.3150 level yesterday.
However, GBPUSD pulled back from that level possibly creating a Double top formation.
If #GBP/USD stays under the resistance level that I have marked in my chart, it is possible...
GBPUSD has managed to stay above the crucial 100H EMA, which implies that the uptrend is still intact.
The dip may be considered as a temporary pullback. The area I have highlighted in my chart could be a possible buying area for targets of 1.3150 and 1.3200.
The overall market structure is still bullish and I will be looking to buy between 1.3030-1.3060...
GBPUSD bounced off 1.30549 where it could potentially rise further to 1.31652.
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For GBPUSD I see price has tested a weekly decending trendline, its been rejected and currently stopped at resistance
I believe price will break the current trendline and retest an area near to it before falling to its next support level
(I actually think this pair will just bomb without much of a retracement but will have to wait and see)
In the hourly chart, GBPUSD is well above the 100Hour EMA which means the uptrend is intact. Right now, I don't want to buy GBPUSD at the current market price because GBPUSD rally looks overextended to me.
However, if price pulls back towards the 100 Hour EMA then, I will be looking for a buy entry.
The area I have highlighted in my chart could be a possible...
After doing some more studying of this pair I can see that price is heading towards its weekly resistance level where it was rejected from previously
If we take notice of the 50MA price has bounced off it several times which indicates a strong bullish move to resistance
I also see bullish divergence on the daily which indicates price is in an uptrend
I will wait...
The counter is currently in a short-term bull run.
It is now consolidating within ranges to form wave 4.
We expect the pair to move to the support zone (marked in the chart) and then head higher.
