The lower white trendline have been tested now 4 times. Still no break. When you see the volume on those break tests, it was low. No selling power. I am very bullish on GBPPLN. In general always been pleased trading PLN pairs. But we aware it's not the most traded, so progress can take days and weeks. RSI and MACD seem to slowly move upwards as well.
Hi guys,
The GBPPLN broke structure on the 240. It is in C wave of a daily ABC pattern so watching for a sell setup is a good idea. I would wait for a correction to structure before any sells.
We might have nice opportunity for swing trade. I will trade between support and resistance zones.
Wait for breakout of upper trendline to enter the trade or for bounce back from support zone if one more down.
We have possibly head and shoulders pattern in development on daily time frame.
if price won't be able to break above magneta line you can short with target around 4.91000 level.
I Missed the long at the bottom will try to get in on any pullback onto downside looks nice
Reasons to long:
Moving Averages Compression
Trend Reversal
Volume is high
Boundaries are being broke out
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The pair had a downtrend then formed beginnings of uptrend, we had correction down move now the pair has formed a base where we can buy more on breakout. Hope you have a tested trading strategy so you can trade this one when it starts to move
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