GBPUSD Bottom of structure, watch for bullish reversal

14 thg 11, 2021

Hello traders:

Lets take a detail look into GBPUSD's current price action.

We can see after the strong higher time frame impulse move, price develops into a larger, deeper consolidations.

Within the larger correction, a descending channel structure was also formed.
Good confluence here for a possible bullish reversals.

Now that price is at the bottom of the descending channel as well as HTF structure,
would be nice to look for a lower time frame bullish reversal price action.

Either inverse H and S, double bottoms, falling wedge or smaller descending structures are valid as a confirmation for the buy move to the top of the structure.

Thank you

14 thg 11, 2021

Ghi chú

If price consolidate here and form bearish continuation
then it voids the buy setup
or
if price impulse down and follow by correction also void the buy

Wait for confirmation before entering is key

20 thg 11, 2021

Ghi chú

Out for BE, will see how price develop this week,