GBPUSD took support from 4h bullish channel – Targeting $1.265
Market Context
Instrument: GBPUSD
Timeframe: 4h
Key Trend: Reversal from short 4h downtrend
Catalyst: support from 4h bullish channel + Elliott wave 4 completion.
Technical Analysis
Patterns/Levels: Price broke above the $1.2400 strong support of a 4h bullish channel.
Indicators: MACD bullish crossover; RSI above 50.
Entry Analysis
Entry Zone: 1.24250.
1.2645 (4h key resistance, Caution if fail to break).
Confirmation: support above $1.2400 on the 4h chart.
Exit Analysis
TP1: $1.2575 (prior swing high).
TP2: $1.265 (Wave 5 target).
Risk Management
Stop Loss: $1.2393 (below Support 1.2400).
Risk-Reward: 1:4.
Conclusion
“The support from 4h bullish channel signals a trend reversal.
Targeting $1.2650 with a tight SL ensures favourable risk/reward.”
Notes for Success:
Timeframes Matter: Align entry/exit with higher-timeframe trends.
Adapt: Adjust targets if volatility spikes (e.g., news events).
Disclaimer: Always include “Not financial advice. Trade at your own risk.”
Instrument: GBPUSD
Timeframe: 4h
Key Trend: Reversal from short 4h downtrend
Catalyst: support from 4h bullish channel + Elliott wave 4 completion.
Technical Analysis
Patterns/Levels: Price broke above the $1.2400 strong support of a 4h bullish channel.
Indicators: MACD bullish crossover; RSI above 50.
Entry Analysis
Entry Zone: 1.24250.
1.2645 (4h key resistance, Caution if fail to break).
Confirmation: support above $1.2400 on the 4h chart.
Exit Analysis
TP1: $1.2575 (prior swing high).
TP2: $1.265 (Wave 5 target).
Risk Management
Stop Loss: $1.2393 (below Support 1.2400).
Risk-Reward: 1:4.
Conclusion
“The support from 4h bullish channel signals a trend reversal.
Targeting $1.2650 with a tight SL ensures favourable risk/reward.”
Notes for Success:
Timeframes Matter: Align entry/exit with higher-timeframe trends.
Adapt: Adjust targets if volatility spikes (e.g., news events).
Disclaimer: Always include “Not financial advice. Trade at your own risk.”
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