GPBUSD Support Zone| Double Bullish Divergence| Impulse Sell Evening Traders,
Today’s Analysis – GBPUSD- trading at local support after an impulse sell. A retest of local resistance is probable to put in a lower high.
Points to consider,
- PA Double Bullish Divergence
- Local Support (Trade Location)
- Local Resistance (Immediate target)
- Oscillators diverging
- Volume below average
GPBUSD is establishing a probable bullish divergence at local support. This is a valid trade location with the immediate target – local resistance.
If price fails to hold this support, the down side target will be daily support
The Oscillators are both diverging from price. This is an indication of the short term momentum shifting; a swing low failure will confirm this.
The immediate volume is below average, an indication of an influx being imminent, especially at a trade location.
Overall, in my opinion, a bounce is probable due to the bullish diverging playing out. A long trade from this area is valid into local resistance with defined risk.
What are your thoughts?
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And remember,
“The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore
