GBPUSD Intraday Trend Continuation On Friday, there was a notable rebound in GBPUSD. The 15-minute chart displayed a completed upward wavestructure, indicating a positive trend. Additionally, a secondary pullback trend started on the same day, and the final leg of the retracement, labelled as (c), is showing signs of concluding.
At the current low, we observed a Market Structure Low reversal pattern, which holds significant importance. Furthermore, the price briefly dipped below the 3DL (3-Day Low), but failed to sustain below it. This occurrence serves as a genuine signal for bullish participation from a lower price range.
Taking everything into consideration, it appears that a bullish approach is the most probable scenario for Cable (GBPUSD). However, if the price slides below the 3DL once again, we will abandon all long positions.
Trade Details:
Entry Long: 1.2437
Target: 1.2506 (Deep Correction Factor)
Stop Loss: 1.2410
Happy trading!
