GBPUSD : ANALYSIS, using 14-RSI as a trend confirmation on daily timeframe with RSI above level 50 we could see that it is indeed an uptrend (a buying market trend). our key interest timeframe will be the 4hrs timeframe and on the above chat the red trendline shows that GBPUSD has been moving in an ideal rising wedge formation since October 26th 2023.So here let's take a look at the 2 possible outcomes. First Scenario for a Buy entry: price is currently at the previous support level and already showing signs of rejection at 1.26357 price level and at the 0.0 fib level. This could be a potential entry point if there appears to be an reversal candle formation.
Second Scenario: if the first decline then we could see a potential entry position for a Buy trade on full retracement to the red trendline with possible stoploss few pips below the trendline and profit target just at the previous high.
Remember Patience is KEY.
Copyright reserved to the author
Last updated: 12/21/2023 09:19
Add
