GBPNOK - Watching Key Support for a Potential Bullish Reversal
GBPNOK is approaching a key support zone that has previously acted as a strong support for bullish reversals. With the current bearish momentum bringing price into this zone again, it presents a potential buying opportunity if buyers step in.Signs of bullish strength, including rejection wicks, bullish engulfing patterns, or increased buying pressure, could indicate that buyers are gaining control and a reversal is incoming.
I anticipate a move toward at least 14.040 if this momentum sustains.
However, if the price breaks below this level, the bullish bias would be invalidated, potentially leading to further downside.
Patience is key—waiting for confirmation of buyer strength can help refine entries.
Trade active
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.