I like this pair long at this level if highs are breached. Triangle is confluent with daily support from multiple parameters. SL Below lows as shown. Cheers
If price breaks above the inner trendline then we would be looking long to level 83.00-83.200. Once price reaches this level we would ideally be looking for a short setup down to 80.00-79.850. However, we take it step up step and be patient with the trades. On the one hour window the 200 EMA is acting as Magnetic Resistance in our target area on the upside....
We are looking for a possible long up to 1.43250 as we have an bullish harmonic in play, oversold on the stochastic; price bouncing off the 161.8% “D” extension. As you could see price broke below the channel; we are now awaiting for the retest (Bullish Harmonic Target) creating a possible 3rd lower high TL bounce. We can look for b bearish PA around 1.43250; on...
Analysing the weekly and daily time frame we have price hovering and being rejected at key level (61.8% Retracement) However looking at the daily time frame we have divergence and oversold on the RSI. Key Confluence for downside target of 1.157500:
- 200 EMA acting as magnetic support
- Key structure level
- Key retracement level.
If price breaks below the...
Conducting Top down Analysis, we also have several scenarios on GBPUSD. The Daily time frame demonstrates the bears have lost momentum. Price has been trading in a descending channel. I believer price would reach 1.5400 at least before it continues its downside momentum; however there are also signs of a potential 1.5500. If price breaks above 1.53400 then there...
