GBPUSD Trade Idea - Should You Buy Now?
GU has been on a healthy downtrend since May 2022, when price peaked at, formed a Double-Top rejected 1.42, since then priced has plummeted over 2000+ pips, the recent low was 1.2160.
I’ve been following the sells until 1.2180 area when i noticed some indecision & roll-over on GU, i’ve then turned short-term bullish when price formed higher low on the LTF structure at 1.2230 price area.
In the short-term, I’ll be looking for some long setup as long as price shows strength - holding above the recent swing low (1.2340) with the 18EMA above the 50EMA. Short-term target will be 1.2610, if price breaks above 1.2610, the next target will be around 1.27 area.
However, if at any point price begins to plummet again out of nowhere, we will still use the 18EMA & 50EMA as our reference point to determine the validation of this short-term long setup
1. EMAs must be in sequence (18 above 50) - at any point if 18EMA dips below 50EMA, then its no longer valid
2. Price MUST hold above the recent swing low at 1.2340 price zone
3. There shouldn't be any aggressive drop that might cause fear in buyers
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
I’ve been following the sells until 1.2180 area when i noticed some indecision & roll-over on GU, i’ve then turned short-term bullish when price formed higher low on the LTF structure at 1.2230 price area.
In the short-term, I’ll be looking for some long setup as long as price shows strength - holding above the recent swing low (1.2340) with the 18EMA above the 50EMA. Short-term target will be 1.2610, if price breaks above 1.2610, the next target will be around 1.27 area.
However, if at any point price begins to plummet again out of nowhere, we will still use the 18EMA & 50EMA as our reference point to determine the validation of this short-term long setup
1. EMAs must be in sequence (18 above 50) - at any point if 18EMA dips below 50EMA, then its no longer valid
2. Price MUST hold above the recent swing low at 1.2340 price zone
3. There shouldn't be any aggressive drop that might cause fear in buyers
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
Penafian
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