GBPUSD Setting up for a big bounce...
We have lots of factors going on here, after a rally in one direction (down) especially a sharp one like we've seen this week we would expect a return rally...
Confluence of support and weekly trend line makes this a great area for a trade, we have divergence on the RSI and increased volume through the ATR...
I've taken one risky trade as it gave me a 10:1 which I'm happy to take after a good week, I've also takena more conservative trade set up as a stop order buy...
You may want to wait for a green candle confirmation with an open and close above, bullish pinbar or engulfing pattern to occur and there's potential for a double bottom here too...
I'm only interested in buy trades, would only look for a sell if we break and close below support and trend line then come back up to retest support turned resistance...
Side note, if we see a false break here then close back above support this trade will absolutely FLY!
Confluence of support and weekly trend line makes this a great area for a trade, we have divergence on the RSI and increased volume through the ATR...
I've taken one risky trade as it gave me a 10:1 which I'm happy to take after a good week, I've also takena more conservative trade set up as a stop order buy...
You may want to wait for a green candle confirmation with an open and close above, bullish pinbar or engulfing pattern to occur and there's potential for a double bottom here too...
I'm only interested in buy trades, would only look for a sell if we break and close below support and trend line then come back up to retest support turned resistance...
Side note, if we see a false break here then close back above support this trade will absolutely FLY!