GBPUSD: Megaphone pulling back. Chance to buy the dip.
GBPUSD is trading inside a Bullish Megaphone pattern after the March 8th bottom with the 1D timeframe still bullish (RSI = 61.970, MACD = 0.007, ADX = 32.900) despite the fact that the price has been on a pullback since the June 16th high.
This is because the technicals were previously overbought and the harmonization process is longer. Technically when the RSI turns neutral it will start being a buy opportunity again. The closer to the 1D MA50, which is now at the bottom of the Megaphone pattern, the better.
We will buy and target the top of the Megaphone again (TP = 1.3000) before it eventually tests the R1 (1.3090) after the next pullback.
Prior idea:
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This is because the technicals were previously overbought and the harmonization process is longer. Technically when the RSI turns neutral it will start being a buy opportunity again. The closer to the 1D MA50, which is now at the bottom of the Megaphone pattern, the better.
We will buy and target the top of the Megaphone again (TP = 1.3000) before it eventually tests the R1 (1.3090) after the next pullback.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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