GBPUSD LONG

2021年2月2日

Price is in an uptrend and is respecting an upward trendline. Price has recently rejected the trendline with a bullish engulfing candle on the 4hr chart at a zone where it had rejected before, thereby forming a double bottom at this zone. We should remember that if price is coming down and creates a double bottom - this is a good reversal signal to the upside. Also price is forming an ascending triangle comprising of higher lows. The double bottom was created at the last higher low that price failed to break. So i entered a long after the bullish engulfing candle on the h4 chart. I anticipate that price will break the resistance and continue up to the zone around 1.37909 as normally that`s how the ascending triangle works. But we wait and see what the market does.