GBP bull setup
Hi, guys! Here my thoughts about pound.
GBP was falling on statements about the slowdown in the economy of the head of the Bank of England.
But after news impulse, we have seen that price has made a fake breakout of level 1.294. That's why now we can see this uptrend impulse, which could continue enough long.
Also we could see that on the 4h price worked out of the oversold area of RSI
Let's see 1d chart :
Here we could see pinbar + bullish absorption with a shadow that gives it extra strength in the form of rejection from the level + 50% Fibo correction, which is really strong level for price
TOTAL :
Short-termly we should wait for a small correction and ride on the main bullish impulse, but we should also remember that price has many signals to grow to higher levels and that's why we should hold this trade for 4-5 days.
GBP was falling on statements about the slowdown in the economy of the head of the Bank of England.
But after news impulse, we have seen that price has made a fake breakout of level 1.294. That's why now we can see this uptrend impulse, which could continue enough long.
Also we could see that on the 4h price worked out of the oversold area of RSI
Let's see 1d chart :
Here we could see pinbar + bullish absorption with a shadow that gives it extra strength in the form of rejection from the level + 50% Fibo correction, which is really strong level for price
TOTAL :
Short-termly we should wait for a small correction and ride on the main bullish impulse, but we should also remember that price has many signals to grow to higher levels and that's why we should hold this trade for 4-5 days.
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