GBPUSD Long Opportunity: Bullish Falling Wedge & MACD RD
I’m looking to buy GBPUSD on a breakout from a bullish falling wedge pattern, spotted on the H2 timeframe. The MACD indicator shows regular divergence (RD), signaling weakening bearish momentum. This divergence indicates potential reversal, supporting the breakout.
Trade Setup:
Pattern : Bullish Falling Wedge
Timeframe: H2
Entry: Upon confirmation of the breakout
Stop-loss: Just below the wedge structure to minimize risk
Target: 1.3240
Trade Setup:
Pattern : Bullish Falling Wedge
Timeframe: H2
Entry: Upon confirmation of the breakout
Stop-loss: Just below the wedge structure to minimize risk
Target: 1.3240
Trade active
The breakout has now occurred and the price has broken above the wedge as expected. I anticipate further bullish momentum to follow.Trade closed: stop reached
The breakout occurred as expected, but unfortunately, the stop-loss just below the wedge was triggered. Despite this, the overall bullish structure remains intact, and the MACD still shows signs of weakening bearish momentum, indicating that a bullish trend is likely to resume soon.
I’m monitoring for another potential entry if the price reclaims key levels (1.3120) and confirms bullish momentum once again. The setup still favors a reversal, and I’ll stay patient for the next opportunity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.