GBPUSD Range Bound Bottom
Structure: Range (1.2962 - 1.3175)
Moving Average: Price under all MAs, favorable for short
Trendline: Uptrend Line Holds
Pattern: Triple Bottom at 1.2960 area, possible Higher Low formed at 1.2975
Trigger: 4H Morning Star on Uptrend Line
After last attempt to long GBP, it faces strong rejection at 1.3170
But 1.2960 - 1.30 is a strong support area which is relatively valuable to go long again
We can wait for 1H or 4H rejection candle, favorable with a long wick cutting most SLs, then get in to long position
Entry range: 1.2950 to 1.3000
SL: 1.2890
1st Target: 1.3170
2nd Target: 1.3350
Moving Average: Price under all MAs, favorable for short
Trendline: Uptrend Line Holds
Pattern: Triple Bottom at 1.2960 area, possible Higher Low formed at 1.2975
Trigger: 4H Morning Star on Uptrend Line
After last attempt to long GBP, it faces strong rejection at 1.3170
But 1.2960 - 1.30 is a strong support area which is relatively valuable to go long again
We can wait for 1H or 4H rejection candle, favorable with a long wick cutting most SLs, then get in to long position
Entry range: 1.2950 to 1.3000
SL: 1.2890
1st Target: 1.3170
2nd Target: 1.3350
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