GBPUSD
https://www.tradingview.com/x/yGPVyV3a/https://www.tradingview.com/x/2ycT7xqS/Weekly TF:
The current trend of the market is an uptrend. However the bears came in the previous week that ended on the 20th of August, and closed with strong bears momentum above PL 1.36000. creating a new structural low.
Daily TF:
The daily candle at the close of Friday bounced off my Psychological level 1.36000, creating a double bottom. The region around 1.36000 however is prone to a fake out or a good liquidity zone.
4HR TF:
Possible double bottom pattern formation at 1.36000, and bullish momentum presented by strong candle at the close of the previous 4hr.. A good entry for a long would be at the retest of 1.36000, for a target to 1.36750 as first target.
SCENARIO 2:
If price breaks the structural low at 1.36000, and gives us a clean retest, we shall instead be looking to short this.
The current trend of the market is an uptrend. However the bears came in the previous week that ended on the 20th of August, and closed with strong bears momentum above PL 1.36000. creating a new structural low.
Daily TF:
The daily candle at the close of Friday bounced off my Psychological level 1.36000, creating a double bottom. The region around 1.36000 however is prone to a fake out or a good liquidity zone.
4HR TF:
Possible double bottom pattern formation at 1.36000, and bullish momentum presented by strong candle at the close of the previous 4hr.. A good entry for a long would be at the retest of 1.36000, for a target to 1.36750 as first target.
SCENARIO 2:
If price breaks the structural low at 1.36000, and gives us a clean retest, we shall instead be looking to short this.
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