GBPUSD OPEN MARKET ANALYSIS
Updated
OVERALL TREND- PRICE HAS BOUNCED OFF A MAJOR STRUCTURE LEVEL ON THE DAILY TF, AND CURRENTLY BULLISH ON THE 4H AND 1H TF.
Looking for potential long opportunities based on where it decides to take us.
Scenario 1 looks bearish and price is looking into moving down and breaking our 50% level retesting and bouncing off our 61.8% level where we can look for a long opportunities there.
Scenario 2 is the same and price may look to hold our 50% and bounce into higher highs presenting another long setup.
Scenario 3 also presents us with a strong 38/2% level that held as resistance and was previously broken. Similarly we can look for long positions from here.
Last bonus scenario, price could just disregard these 3 altogether and proceed to make lower lows, into our key 78.6%.
Either the case a long position is inevitable.
What do you think?
Looking for potential long opportunities based on where it decides to take us.
Scenario 1 looks bearish and price is looking into moving down and breaking our 50% level retesting and bouncing off our 61.8% level where we can look for a long opportunities there.
Scenario 2 is the same and price may look to hold our 50% and bounce into higher highs presenting another long setup.
Scenario 3 also presents us with a strong 38/2% level that held as resistance and was previously broken. Similarly we can look for long positions from here.
Last bonus scenario, price could just disregard these 3 altogether and proceed to make lower lows, into our key 78.6%.
Either the case a long position is inevitable.
What do you think?
Note
Price looks to break into HHs
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