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?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
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?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.