GBPUSD Bullish Div|Swing Low Failure|Structural Resistance

550
Evening Traders,

Today’s Analysis – GBPUSD – making an impulse move back into structure with a valid bullish divergence playing out, price is likely to put in a retest.

Points to consider,
- Swing Low Failure
- 200 MA Resistance
- Support Retest (S/R Flip)
- RSI above 50
- Stochastics projected up

Price put in a swing low failure which was backed by bull volume allowing GBPUSD to break back into structure.

The 200 MA is immediate resistance that price needs to break in order to test structural resistance.

A retrace back to structural support will establish an S/R flip that will further solidify the level.

The RSI is breaking above 50, showing strength in the market, it also has a technical swing low failure. Stochastics currently is also showing strong momentum, immediate projection is up.

Overall, in my opinion, price needs to retest structural support to solidify the level. A long trade will be valid here with defined risk.

What are your thoughts?

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“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt

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