- August 17, 2022
- Posted by: cabana-admin
- Category: Market Insights
General overview: By looking at the daily chart we can see that buyers are showing their potential in the market. The market is showing upside momentum in the market. From the technical prospective, The market is previously formed three bullish candle which cause market to rise, the swings are making successively lower lows and lower highs, In the chart hourly chart bulls are showing their strong side in the market . The way bulls are reacting it seems like they are approaching the 1.6000region. The pain will create ‘V’ shape on daily chart.
Technical analysis: From the technical point of view we can say that market makes the bearish side in the market. The pair makes the negative side in the market and creates the potential bullishness in the chart.Deep majority the positive factors, the GBPUSD pair, so breakdown. The pair is below the major and minor EMA and SMA lines and formed the potential buy sign towards the market. Odds are also favors of the bulls in market. On the 4 hourly charts market is break the 1.5770 level to break to gain more buying momentum in the market. The RSI is also above the 50 level and macd is also below above level in the market. Traders can do buy on dips level 1.5770.
Trade idea: Our traders will move towards the buy above 1.5650 target will be 1.5770,1.6000 stop loss will be 1.5350.