GBPUSD BUY SETUP
Looks like GBP pairs could be bullish next week. GBPUSD has broken out of its H4 downtrend structure and pushed above our horizontal zone and came back to re-test as support with price action showing signs of rejection. Further confirmation with our fib golden zone being touched and bouncing as price momentum looking favourable to the upside. Price had closed with a few bullish candlesticks last week, also our 50 SMA is below our 8 SMA indicating more confluence. Will be getting into a long position with stop just below our support zone, and targeting previous high structure for a 1:3 RRR. Overall directional bias is bullish similar to my GBPJPY set up so possible correlation with pairs i imagine.
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.