Verdict:
Bulliness in near future.
Plan of action:
Wait for breakout of dotted trendline.
GBPUSD is one of the trading pair. By looking on the current structure on chart we can say it’s below the major trend. And also reaching to the high demand zone.
There is a good possibility it will be bouncing back from here because of
Reason:
1. RSI is in oversold zone. But don’t have good strength so buyers will start making positions here.
2. Zone has provided the good support zone for demand.
3. Reduction of volume of sellers.
*****Disclaimer:*****
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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