GBPUSD Bullish
Bias Bullish
Fundamental
GBP is holding strong. expectation to continue maintain their interest rate.
USD just did a 50 basis point rate cut. Price expected to head lower with further relaxation on interest rate.
Price Action
Price retrace back to Daily support level and rejected from there. The retracement formed a falling wedge pattern. The price broken through falling wedge trendline and H4 resistance level. Price is bullish again. EURUSD & NZDUSD all has similar set up. Decided on GBPUSD due to fundamental support
Setup
Long Set up at broken H4 resistance level closer to Daily Support level.
TP Next following swing high to target R:R 1:4
SL below swing low of wedge pattern +1ATR
Fundamental
GBP is holding strong. expectation to continue maintain their interest rate.
USD just did a 50 basis point rate cut. Price expected to head lower with further relaxation on interest rate.
Price Action
Price retrace back to Daily support level and rejected from there. The retracement formed a falling wedge pattern. The price broken through falling wedge trendline and H4 resistance level. Price is bullish again. EURUSD & NZDUSD all has similar set up. Decided on GBPUSD due to fundamental support
Setup
Long Set up at broken H4 resistance level closer to Daily Support level.
TP Next following swing high to target R:R 1:4
SL below swing low of wedge pattern +1ATR
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