GBPUSD POSSIBLE LONG SETUP
In my opinion GBPUSD is technically preparing for a long RALLY, it worth to keep track of the breakout of the 20years WEDGE PATTERN on the pair, price breakout of the pattern @ 1.3340, with several weekly and December 2020 monthly close above the said pattern, which also give us several weekly and December 2020 monthly close above the horizontal resistance zone @ 1.3490, which has been holding since 2018.
Price got rejected last week approaching a minor zone from 2018 @ 1.3740, going into the new week, I'll be looking out for price action @ 1.3490 to act as new support for more UPSIDE, if the zone hold as new support, that will give us a long signal, with a push above the minor zone @ 1.3740 exposing @ 1.4350 as target.
Meanwhile, i prefer analyzing this PAIR on the weekly timeframe for the time been because price haven't been respecting structures on daily and other lower timeframe, the weekly timeframe lookout since clearer for now.
Price got rejected last week approaching a minor zone from 2018 @ 1.3740, going into the new week, I'll be looking out for price action @ 1.3490 to act as new support for more UPSIDE, if the zone hold as new support, that will give us a long signal, with a push above the minor zone @ 1.3740 exposing @ 1.4350 as target.
Meanwhile, i prefer analyzing this PAIR on the weekly timeframe for the time been because price haven't been respecting structures on daily and other lower timeframe, the weekly timeframe lookout since clearer for now.
Note
Price got rejected from 1.3490 with an Engulfing 4H candle, about 150pips in profit until now..As said in the analysis a push above the minor zone @ 1.3740 will expose the overall first target for the year @ 1.4350
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