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Still some good buying pressure in GBP

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
PipVision  
FX:GBPUSD   British Pound / U.S. Dollar
Beyond Technical Analysis Technical Indicators Chart Patterns pounddollar gbplong gbpidea gbpananalysis
4
0
beyondta indicator chartpattern pounddollar gbplong gbpidea gbpananalysis
On the chart above you can see two falling wedges in the bullish market which resulted in two strong breakouts above EMA 50. This points to strong bullish pressure on the 15M chart. Also we see that RSI approaches lower bound (30 points) around which it is expected to rebound as it happened in three previous cases (shown by blue shaded areas). Note that RSI reversals from lower bounds work better in during up-trending markets which we currently observe.

Trade setup:

BUY GBPUSD.
Entry point 1 - 1.30845, Entry 2 - 1.30645
Take Profit 1.31450
Stop Loss 1.30420
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