Here’s an advanced technical insight:
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1. Structure Analysis
The chart demonstrates a bullish structure in the GBP/USD 1-hour timeframe, characterized by:
Higher Highs and Higher Lows: The price is respecting an ascending channel, indicating sustained bullish momentum.
The Support 1 level (~1.2600) has transitioned from resistance to support, confirming a breakout and potential continuation of the uptrend.
---
2. Supertrend Confirmation (10, 3)
The Supertrend indicator aligns with the bullish bias as the price is above the green Supertrend line.
Supertrend crossover (red to green) indicates a potential reversal in momentum, which occurred earlier in the demand zone.
---
3. Demand and Support Levels
Support 1 (~1.2600): A critical intraday level, likely to act as a short-term pivot point for bulls. If retested, it could provide an opportunity for re-entry.
Demand Zone (1.2400–1.2500): A broader accumulation zone based on historical price reactions and the swing low, providing stronger support in case of a deeper correction.
---
4. Price Action within the Ascending Channel
The pair is trading in a tight ascending channel, with clear upper and lower boundaries.
The midline of the channel can act as dynamic support/resistance.
The dashed arrow projection suggests that bulls may target the channel’s upper resistance (~1.2700).
---
5. Probable Scenarios
Bullish Scenario:
If the price sustains above Support 1 and remains inside the ascending channel, expect continuation toward:
Short-Term Target: 1.2650 (minor resistance).
Mid-Term Target: 1.2700 (channel resistance).
Bearish Scenario:
A break below the ascending channel’s lower boundary (~1.2600) could invalidate the bullish bias.
Potential downside levels:
1.2550 (local horizontal support).
1.2500–1.2400 (Demand Zone).
---
6. Trade Ideas
Long Setup
Entry: Wait for a pullback to Support 1 (~1.2600) or channel lower boundary.
Target: 1.2650, 1.2700.
Stop Loss: Below 1.2580 (to avoid being caught in a false breakout).
Short Setup (Countertrend):
Entry: If price breaks below the channel (~1.2600).
Target: 1.2550, then 1.2500.
Stop Loss: Above 1.2635 (to account for a false breakout).
---
7. Risk Management
Use proper risk-to-reward ratios (minimum 1:2).
Position sizing is critical; align trades with your account's risk tolerance.
---
1. Structure Analysis
The chart demonstrates a bullish structure in the GBP/USD 1-hour timeframe, characterized by:
Higher Highs and Higher Lows: The price is respecting an ascending channel, indicating sustained bullish momentum.
The Support 1 level (~1.2600) has transitioned from resistance to support, confirming a breakout and potential continuation of the uptrend.
---
2. Supertrend Confirmation (10, 3)
The Supertrend indicator aligns with the bullish bias as the price is above the green Supertrend line.
Supertrend crossover (red to green) indicates a potential reversal in momentum, which occurred earlier in the demand zone.
---
3. Demand and Support Levels
Support 1 (~1.2600): A critical intraday level, likely to act as a short-term pivot point for bulls. If retested, it could provide an opportunity for re-entry.
Demand Zone (1.2400–1.2500): A broader accumulation zone based on historical price reactions and the swing low, providing stronger support in case of a deeper correction.
---
4. Price Action within the Ascending Channel
The pair is trading in a tight ascending channel, with clear upper and lower boundaries.
The midline of the channel can act as dynamic support/resistance.
The dashed arrow projection suggests that bulls may target the channel’s upper resistance (~1.2700).
---
5. Probable Scenarios
Bullish Scenario:
If the price sustains above Support 1 and remains inside the ascending channel, expect continuation toward:
Short-Term Target: 1.2650 (minor resistance).
Mid-Term Target: 1.2700 (channel resistance).
Bearish Scenario:
A break below the ascending channel’s lower boundary (~1.2600) could invalidate the bullish bias.
Potential downside levels:
1.2550 (local horizontal support).
1.2500–1.2400 (Demand Zone).
---
6. Trade Ideas
Long Setup
Entry: Wait for a pullback to Support 1 (~1.2600) or channel lower boundary.
Target: 1.2650, 1.2700.
Stop Loss: Below 1.2580 (to avoid being caught in a false breakout).
Short Setup (Countertrend):
Entry: If price breaks below the channel (~1.2600).
Target: 1.2550, then 1.2500.
Stop Loss: Above 1.2635 (to account for a false breakout).
---
7. Risk Management
Use proper risk-to-reward ratios (minimum 1:2).
Position sizing is critical; align trades with your account's risk tolerance.
Trade closed: target reached
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𝐀𝐥𝐥 𝐏𝐚𝐢𝐫𝐬 𝐅𝐫𝐞𝐞 𝐒𝐢𝐠𝐧𝐚𝐥𝐬 𝐟𝐨𝐫 𝐥𝐢𝐟𝐞𝐭𝐢𝐦e
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🔜✅𝐎𝐭𝐡𝐞𝐫 𝐀𝐥𝐥 𝐏𝐚𝐢𝐫𝐬 𝐓𝐏 𝐊𝐢𝐥𝐥𝐞𝐫
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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.