GBPUSD Weekly S/R| 200DMA| .50 Fibonacci| Local S/R
Evening Traders,
Second Analysis – GBPUSD- testing Weekly S/R that has technical confluence, a bounce here is probable.
Points to consider,
- Impulsive Price Action
- Weekly S/R (Support)
- .50 Fibonacci (Resistance)
- Stochastics Buy Cross
- Evident volume Climax
GBPUSD’s immediate Price Action has been impulsive to the downside, currently testing a key Weekly S/R, a strong support that has confluence with the 200 DMA and the .618 Fibonacci. This added confluence increases the probability of a bounce.
The .50 Fibonacci is immediate resistance; price is likely to test this level with a reaction.
The Stochastics has a valid buy cross in over-extended conditions along with the RSI. A reversion to their mean is probable; this will coincide with a bounce in Price.
A volume climax node is evident; this usually indicates a temporary bottom as price finds its equilibrium.
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,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
Second Analysis – GBPUSD- testing Weekly S/R that has technical confluence, a bounce here is probable.
Points to consider,
- Impulsive Price Action
- Weekly S/R (Support)
- .50 Fibonacci (Resistance)
- Stochastics Buy Cross
- Evident volume Climax
GBPUSD’s immediate Price Action has been impulsive to the downside, currently testing a key Weekly S/R, a strong support that has confluence with the 200 DMA and the .618 Fibonacci. This added confluence increases the probability of a bounce.
The .50 Fibonacci is immediate resistance; price is likely to test this level with a reaction.
The Stochastics has a valid buy cross in over-extended conditions along with the RSI. A reversion to their mean is probable; this will coincide with a bounce in Price.
A volume climax node is evident; this usually indicates a temporary bottom as price finds its equilibrium.
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,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory