GBPUSD: Buy opportunity on extremely oversold levels.
GBPUSD hit the bottom of the prolonged Channel Down pattern, reaching extreme oversold technical levels on the 1D timeframe (RSI = 21.119, MACD = -0.012, ADX = 59.945). The 4H MACD is approaching the formation of a Bullish Cross, and prior price action shows that when formed this low, it always rebounds and hits at least the 1D MA50.
We are on an early long trade, targeting the course of the 4H MA50 (TP = 1.2275), even though a Channel Down top extension can even reach as high as 1.2425.
Prior idea:
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We are on an early long trade, targeting the course of the 4H MA50 (TP = 1.2275), even though a Channel Down top extension can even reach as high as 1.2425.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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