GBP/USD Bullish Recovery – Key Levels for a Breakout & Reversal
Hello, buddies.
Given the decline, the price has now established a solid floor, and we expect it to continue growing; nevertheless, we must enter a price correction, therefore we have selected the best possible support point for you...
We will wait for a new ceiling to be registered before proceeding with the purchase transaction, but with careful risk and capital management.
*Trade safely with us*
Overview:
The GBP/USD 4-hour chart shows a potential bullish reversal after a significant downtrend. Price has formed a double-bottom pattern and has broken out of a descending trendline, signaling a shift in momentum. The chart highlights key areas of support and resistance that traders should watch for confirmation of a sustained move higher.
Key Technical Analysis:
Fake Breakout: A false breakdown below the trendline in August led to a sharp recovery, confirming a liquidity grab before a bullish continuation.
Trendline Breakout: The price has successfully broken the descending trendline (orange line), indicating potential bullish strength.
Support Zones:
Blue Zone (~1.2450 - 1.2500): A strong demand area where buyers may re-enter.
Purple Zone (~1.2120 - 1.2200): A deeper support level, acting as the last line of defense for bulls.
Fibonacci Levels & Targets:
1.2785: First key resistance level.
1.3022: A major resistance and potential breakout zone.
1.3242: Final bullish target if momentum continues.
Trade Plan:
📌 Buy Limit Entry: Around 1.2450-1.2500 (if price retests the support zone).
🎯 Target 1: 1.2785
🎯 Target 2: 1.3022
🎯 Target 3: 1.3242
🛑 Stop Loss: Below 1.2400 to minimize risk.
Conclusion:
The GBP/USD pair is showing signs of a potential bullish reversal. A short-term pullback to the blue support zone could provide an optimal buying opportunity before a strong upward move. However, a break below 1.2400 could invalidate this bullish setup, leading to a deeper correction.
🚀 Bullish Bias if Key Support Holds! 🚀
Given the decline, the price has now established a solid floor, and we expect it to continue growing; nevertheless, we must enter a price correction, therefore we have selected the best possible support point for you...
We will wait for a new ceiling to be registered before proceeding with the purchase transaction, but with careful risk and capital management.
*Trade safely with us*
Overview:
The GBP/USD 4-hour chart shows a potential bullish reversal after a significant downtrend. Price has formed a double-bottom pattern and has broken out of a descending trendline, signaling a shift in momentum. The chart highlights key areas of support and resistance that traders should watch for confirmation of a sustained move higher.
Key Technical Analysis:
Fake Breakout: A false breakdown below the trendline in August led to a sharp recovery, confirming a liquidity grab before a bullish continuation.
Trendline Breakout: The price has successfully broken the descending trendline (orange line), indicating potential bullish strength.
Support Zones:
Blue Zone (~1.2450 - 1.2500): A strong demand area where buyers may re-enter.
Purple Zone (~1.2120 - 1.2200): A deeper support level, acting as the last line of defense for bulls.
Fibonacci Levels & Targets:
1.2785: First key resistance level.
1.3022: A major resistance and potential breakout zone.
1.3242: Final bullish target if momentum continues.
Trade Plan:
📌 Buy Limit Entry: Around 1.2450-1.2500 (if price retests the support zone).
🎯 Target 1: 1.2785
🎯 Target 2: 1.3022
🎯 Target 3: 1.3242
🛑 Stop Loss: Below 1.2400 to minimize risk.
Conclusion:
The GBP/USD pair is showing signs of a potential bullish reversal. A short-term pullback to the blue support zone could provide an optimal buying opportunity before a strong upward move. However, a break below 1.2400 could invalidate this bullish setup, leading to a deeper correction.
🚀 Bullish Bias if Key Support Holds! 🚀
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.