GBPUSD short-term bullishness
Hello trades.
Based on higher timeframe structure, the market is currently testing daily resistance which was broken impulsively at 1.38900. There's a high probability that the 4hour structure will shift from a bearish to a bullish structure around 1.38900 in a W formation. However, 4hour bullish structure shift will be for short to meet the area of supply which is the daily high at around 1.39550.
To confirm the 4H bullish structure shift, the following conditions will have to be met:
1. 30minute structure will test the area of supply at 1.39110 and reject to the downside
2. 30minute structure will create a double bottom signaling signs of strength by bulls to push prices higher.
When these conditions are met, the 4Hour has high probability of shifting to the upside.
Please feel free to comment and give your thoughts of this analysis. Your opinions will be highly appreciated for feedback and learning purposes.
Don't forget to like, comment and share this idea with your fellow traders.
Based on higher timeframe structure, the market is currently testing daily resistance which was broken impulsively at 1.38900. There's a high probability that the 4hour structure will shift from a bearish to a bullish structure around 1.38900 in a W formation. However, 4hour bullish structure shift will be for short to meet the area of supply which is the daily high at around 1.39550.
To confirm the 4H bullish structure shift, the following conditions will have to be met:
1. 30minute structure will test the area of supply at 1.39110 and reject to the downside
2. 30minute structure will create a double bottom signaling signs of strength by bulls to push prices higher.
When these conditions are met, the 4Hour has high probability of shifting to the upside.
Please feel free to comment and give your thoughts of this analysis. Your opinions will be highly appreciated for feedback and learning purposes.
Don't forget to like, comment and share this idea with your fellow traders.
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