Here on the Daily chart of GBP/USD we have a potential long position setup in the coming Days.
The grey box indicates the previous structure resistance.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support.
Taking a number of Fibonacci's we get a 38.2% / 6.18% / 78.6% cluster coming in and the bottom of a bullish trend, thus giving us more confluence to look at getting long on this pair.
The confluence of fibs and candle formations are more visible on the 4h and 1h charts, however the previous structure and trend is less viable hence the daily chart.
Have a great trading week.
The grey box indicates the previous structure resistance.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support.
Taking a number of Fibonacci's we get a 38.2% / 6.18% / 78.6% cluster coming in and the bottom of a bullish trend, thus giving us more confluence to look at getting long on this pair.
The confluence of fibs and candle formations are more visible on the 4h and 1h charts, however the previous structure and trend is less viable hence the daily chart.
Have a great trading week.