Possible buy setup for GBPUSD
- Price has been in a buy since March 2020 and has bounced off my weekly buy support.
- Price has broken out of my 4hr sell resistance after retesting my buy support trend line.
- After the breakout we had a strong push to the upside with three bullish candles on the 4hr timeframe. Price is pulling back now and my thought is that this is to hit the stops and/or put the breakout traders in margin trouble.
- I am waiting for price to retest the highlighted zone on my chart that I see as a new level of support on the 4hr and1hr timeframe. Any reversal
pattern here and I am looking to enter the buy.
- Price has broken out of my 4hr sell resistance after retesting my buy support trend line.
- After the breakout we had a strong push to the upside with three bullish candles on the 4hr timeframe. Price is pulling back now and my thought is that this is to hit the stops and/or put the breakout traders in margin trouble.
- I am waiting for price to retest the highlighted zone on my chart that I see as a new level of support on the 4hr and1hr timeframe. Any reversal
pattern here and I am looking to enter the buy.
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