GBPUSD Long Opportunity
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I would take a two-three positions as close to .2852 as possible, which is the price as I am writing this.
1. Looking at the H4, we see a possible test of support, break, retest and possible drop again.
2.With further analysis of lower TFs we see that there is strong rejection on the last drawn Demand 4H Zone, as seen in a double bottom on the M15.
3. In the 1H, where we will be placing our trade and identifying TP/SL points, we see a series of HH and HL. Price is consolidated right around .2850 sitting on top of the Demand 4H Zone. We see price in a wedge formation.
Once we see break of this wedge and have the 1H candle close above, you cautious traders should enter positions if waiting for additional confirmation.
tp1: 1.2880
tp2: 1.2935
tp3: 1.2948 (close of gap - or leave running)
sl: 1.2835
Follow normal risk management per your account size.
1. Looking at the H4, we see a possible test of support, break, retest and possible drop again.
2.With further analysis of lower TFs we see that there is strong rejection on the last drawn Demand 4H Zone, as seen in a double bottom on the M15.
3. In the 1H, where we will be placing our trade and identifying TP/SL points, we see a series of HH and HL. Price is consolidated right around .2850 sitting on top of the Demand 4H Zone. We see price in a wedge formation.
Once we see break of this wedge and have the 1H candle close above, you cautious traders should enter positions if waiting for additional confirmation.
tp1: 1.2880
tp2: 1.2935
tp3: 1.2948 (close of gap - or leave running)
sl: 1.2835
Follow normal risk management per your account size.
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