Here's my full thought process:
What I See: I'm looking at the GBPUSD daily timeframe, and I see a recent upward move. This makes me think we might be in a bullish trend or a recovery phase.
Key Levels I've Marked:
I've identified 1.2861 as a resistance level. I'm thinking this could be my target if the price moves upwards.
I've also marked 1.2539 and 1.2433 as potential support levels. I think the price might pull back to these areas.
My Retracement Idea:
My Potential Upward Move Prediction:
Tools I'm Using:
What I See: I'm looking at the GBPUSD daily timeframe, and I see a recent upward move. This makes me think we might be in a bullish trend or a recovery phase.
Key Levels I've Marked:
I've identified 1.2861 as a resistance level. I'm thinking this could be my target if the price moves upwards.
I've also marked 1.2539 and 1.2433 as potential support levels. I think the price might pull back to these areas.
My Retracement Idea:
- I'm expecting a pullback from the current price. It's a common pattern in trending markets, and I believe that it will happen here.
- I'm watching those support zones (1.2539 and 1.2433) closely. I think buyers might step in there.
- I've added Fibonacci retracement levels (0.382 and 0.618) to my chart. I'm using these to gauge how deep the retracement might be.
My Potential Upward Move Prediction:
- I'm targeting 1.2861 as a potential resistance level. I feel that the price has the potential to move upwards to that area after the retracement.
- I'm thinking this pullback will be a continuation of the bullish trend. So, I'm looking for buying opportunities at those support levels.
Tools I'm Using:
- I'm using a Supply & Demand Zone Indicator. It helps me see potential buying and selling pressure areas.
- I'm also using Fibonacci retracement levels to predict retracement depths and potential entry points.
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.