GBPUSD LONG SETUP 21/03/2021

Mar 19, 2021

Keep in mind that I expect DXY weakness as indication.

Anyway here we go I made a Top Down analysis on GBPUSD :

Weekly :

- We are making clear HH's and HL's on the weekly chart as indication.
- We rejected a heavy weekly supply and demand zone at the 1.34400 region.
- We have a strong ascending trend line to protect the price.

Daily :

- We are making clear HH's and HL's on the daily chart as our indication.
- We received some short term bearish momentum but we broke the descending trend line.
- We received our conformation in the form of a reversal pattern ( the inverse Head and Shoulders )

4H:

- We broke the descending trend line.
- We broke the previous LH.
- We received a previous fibonacci completion.
- We received our conformation in the form of a pattern within a pattern = powerful conformation for more upside momentum.
- We received our conformation in the form of a Bullish M pattern within the bigger Inverse Head and Shoulders.
- We have a clear S&D zone between the 61.80 and 78.60.
- We have a ascending trend line to protect the price as well.