The GBPUSD has come into the key support and rallied significantly. Is this the start of the daily bullish impulse phase?
Watch the video to learn more…
The daily time frame on GBPUSD is showing us the potential for the market to enter a daily bullish impulse phase. The market has retested the previous daily highs and rejected with a strong bullish move.
This suggests that the market could trend higher and continue to make higher highs and lows in line with the monthly outlook.
The move could offer both long term and short term trading opportunities.
The 4hr Time Frame
As we can see from the chart the market formed a double bottom pattern at the key support level. This common pattern is what we want to see when looking for the opportunity to buy the market.
Now the pattern has completed we can assume the GBPUSD price is entering a bullish impulse phase and we can look for a higher low to get long in the market.
The key 1.3800 level on GBPUSD could be the area where buyers add to their positions. This support zone has been used as resistance and support multiple times in the past and if the price formed bullish price action here we could look for a long opportunity.
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