GBP/USD (British Pound / US Dollar) currency pair on a 4-hour (4H) timeframe.
Chart Breakdown:
1. Market Structure:
• The price is moving inside an ascending wedge pattern, which often indicates a potential reversal or breakdown.
• The price has broken above the wedge, suggesting a possible bullish breakout.
2. Key Levels:
• Entry Zones: Two “ENTRY ZONE” levels are marked, indicating potential areas for entering trades.
• Support & Resistance:
• The price is currently near 1.27604, above previous resistance.
• Key support levels are around 1.26506, 1.24393, and 1.23608.
3. Trading Implications:
• If the price sustains above the 1.27580 - 1.27600 area, it could continue moving higher.
• If the price falls back below the upper entry zone, it may indicate a false breakout, leading to a bearish move toward the lower entry zone.
• A breakdown from the wedge pattern could trigger a sell-off towards 1.24393 or lower.
Potential Trade Setup:
• Bullish case: If price holds above 1.27580, buyers might push it higher.
• Bearish case: If price re-enters the wedge, it could drop toward the lower entry zone or further down.
Chart Breakdown:
1. Market Structure:
• The price is moving inside an ascending wedge pattern, which often indicates a potential reversal or breakdown.
• The price has broken above the wedge, suggesting a possible bullish breakout.
2. Key Levels:
• Entry Zones: Two “ENTRY ZONE” levels are marked, indicating potential areas for entering trades.
• Support & Resistance:
• The price is currently near 1.27604, above previous resistance.
• Key support levels are around 1.26506, 1.24393, and 1.23608.
3. Trading Implications:
• If the price sustains above the 1.27580 - 1.27600 area, it could continue moving higher.
• If the price falls back below the upper entry zone, it may indicate a false breakout, leading to a bearish move toward the lower entry zone.
• A breakdown from the wedge pattern could trigger a sell-off towards 1.24393 or lower.
Potential Trade Setup:
• Bullish case: If price holds above 1.27580, buyers might push it higher.
• Bearish case: If price re-enters the wedge, it could drop toward the lower entry zone or further down.
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.
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.