GBPUSD - Break of Trendline @ Bottom Channel Line
Hi Traders!
Here are is our analysis:
If you have any questions, another Point of View or anything else to share, don't hesitate to comment!
Thanks and successful Trading :-)!
Here are is our analysis:
- Price moving in daily descending Channel --> Channel contains of Trending Move and big Retracement Move.
- Price at Bottom of this Channel --> Sellers potentially reached the local goal and buyers have a reference point to buy according to this structure.
- Break of H4 Trendline --> The SL of Sellers might be hit and it could serve as an Reference Point to enter from above for Buyers. Also, the Break shows bullish Momentum
- Wick of current candle --> As you can see, the current candle is a "Rejection Candle" (ref. UF) and especially that shows power, because when it was down, it was completely red, but now the Market Makers turned it to a green candle.
- Potential Head and Shoulders Pattern --> This Pattern is a possible combination with the Break of Trendline. You could buy at the first Higher Low, which would be the right Shoulder.
- RSI divergence --> RSI shows us clear bullish Momentum
- RSI >50 --> It shows us current bullish strength which is not overbought yet.
If you have any questions, another Point of View or anything else to share, don't hesitate to comment!
Thanks and successful Trading :-)!
