GBPUSD Potential Long at 1.30
Reason for Long:
Overall price has retraced over 350+ pips in 16 days without any significant pullback, signalling that this move is close to exhaustion and expect a reversal.
Added confluence through 61.8 Fib level and trend-line market structure.
DXY also rejected at 2 year high indicating potential reversal which would be in line with GBP long.
Added confluence with 1.30 psychological level.
1D> Price showing resistance at 50 EMA with a failed break beyond the 1.30 handle.
4H> RSI oversold conditions with price rejection at the 800 EMA. Rejection wick also in line with 1st leg of double bottom adding confluence to reversal/pullback.
2H> RSI in oversold conditions with three 2H candles rejecting the 1.30 handle.
1H> RSI again in oversold condition pointing to an exhaustion of the sustained downwards moves.
30M> Showing Double bottom within the 2nd leg of 1D double bottom.
Major USD news Monday 11th March.
Major GBP news Tuesday 12th March.
Overall price has retraced over 350+ pips in 16 days without any significant pullback, signalling that this move is close to exhaustion and expect a reversal.
Added confluence through 61.8 Fib level and trend-line market structure.
DXY also rejected at 2 year high indicating potential reversal which would be in line with GBP long.
Added confluence with 1.30 psychological level.
1D> Price showing resistance at 50 EMA with a failed break beyond the 1.30 handle.
4H> RSI oversold conditions with price rejection at the 800 EMA. Rejection wick also in line with 1st leg of double bottom adding confluence to reversal/pullback.
2H> RSI in oversold conditions with three 2H candles rejecting the 1.30 handle.
1H> RSI again in oversold condition pointing to an exhaustion of the sustained downwards moves.
30M> Showing Double bottom within the 2nd leg of 1D double bottom.
Major USD news Monday 11th March.
Major GBP news Tuesday 12th March.
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