Reasons to be long on above are as follows:
1. RSI hidden divergence on the weekly chart.
2. MACD divergence for price to move up on weekly chart.
3. We have gone lower than 18 Nov low of 1.24872with lower volume.
4. 20/12/2024 bullish price action with strong volume which has been the low since then we are doing higher highs.
5. The dollar has topped out and has a bearish divergence on the weekly chart.
These are good enough reasons to start buying long on GBPUSD.
1. RSI hidden divergence on the weekly chart.
2. MACD divergence for price to move up on weekly chart.
3. We have gone lower than 18 Nov low of 1.24872with lower volume.
4. 20/12/2024 bullish price action with strong volume which has been the low since then we are doing higher highs.
5. The dollar has topped out and has a bearish divergence on the weekly chart.
These are good enough reasons to start buying long on GBPUSD.
Note
So these lows are perfect for picking more longs with managed risk. I would only buy 5% of my account and wait to see if we get a last flush to the low again to pick some more. DXY has topped as already pointed out. Should see more downside there to around 106.9 area before we get a bounce.
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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.