GBPUSD: Buy opportunity on extremely oversold levels.

GBPUSD hit the bottom of the prolonged Channel Down pattern, reaching extreme oversold technical levels on the 1D timeframe (RSI = 21.119, MACD = -0.012, ADX = 59.945). The 4H MACD is approaching the formation of a Bullish Cross, and prior price action shows that when formed this low, it always rebounds and hits at least the 1D MA50.

We are on an early long trade, targeting the course of the 4H MA50 (TP = 1.2275), even though a Channel Down top extension can even reach as high as 1.2425.

Prior idea:


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