GBPUSD Potential Breakout
In my analysis, I drew major sup/res on the daily chart, followed by a rectangular zone where price could potentially exhaust itself before continuing its upward momentum. Trend lines were placed accordingly on the 1H chart; there were numerous tests, this is also to restrict my vision so that I know price is losing momentum to the downside & I am paying all my attention towards what price is doing right now. With the trend lines, it forms a falling wedge which suggest a potential bullish move. I would look for an entry either on the 15 min chart or the 5 min chart.
Note
Closed out, SL hitNote
(For my journal) Sometimes price continues through support to make its way back up. During these areas where price starts to curve and shows signs of reversals, it's important to be analysing the timeframes and seeing if price will continue down a bit further so that a divergence opportunity may form. If I see a bit further ahead there is a significant bullish divergence that pushed the market back into the restricted zone to rise back up and test the resistance.
If I had placed trend lines on a higher timeframe, perhaps I would've been able toto buy at the test of trend support for those 80/90 pips.
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