ForecastCity
Long

A trading opportunity to buy in GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast the beginning of uptrend.

Technical analysis:
There is a divergence in RSI and price between the trough at 1.3205 on 2018-05-29 and the trough at 1.2955 on 2018-07-19, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI bounced from the uptrend #1 and it prevented price from more losses.
While the RSI resistance #2 at 50 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1.2955 on 07/19/2018, so more gains to resistance(s) 1.3170, 1.3280, 1.3460 and more heights is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 45.

Trading suggestion:
. We have already opened 9 BUY trade(s) @ 1.3127 based on 'a reversal candle (Valley)' entry method at 07.24.2018 in our suggested support zone (1.3050 to 1.2955).

Beginning of entry zone (1.3050)
Ending of entry zone (1.2955)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:


Take Profits:
TP1= @ 1.3170
TP2= @ 1.3280
TP3= @ 1.3460
TP4= @ 1.3560
TP5= @ 1.3655
TP6= @ 1.3830
TP7= @ 1.3970
TP8= @ 1.4345
TP9= Free
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Very thoughtful, congratz n thanks a lot giving me a better direction and surely earning money.
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