Our journey begins with the formation of a double bottom pattern, a powerful reversal pattern signaling a shift in market sentiment. Now, as price prepares to break the neckline, a prime opportunity arises to enter a long position with a tight stop loss. Keep a close watch for inside bar breakouts, where candlestick patterns offer a clear entry signal.
Adding strength to this setup, the exponential moving averages (EMAs) are acting as solid support levels, with a potential crossover imminent. This convergence of technical indicators reinforces the security of our bullish thesis.
But that's not all! Yesterday's bullish news on Sterling has further strengthened the probability of a bullish scenario. The release of the Purchasing Managers' Index (PMI) revealed positive figures, indicating a robust economic performance for the UK. This positive development adds to the fundamental support for a potential rally in GBPUSD.
Profit targets are a crucial aspect of any successful trade. In this case, I suggest taking partial profits when price reaches the neckline, located at 1.24500. This level holds significance and may introduce some resistance. However, our ultimate target aligns with the completion of a harmonic bat pattern, specifically point D, projected to be around 1.25200. Harmonic patterns offer valuable insights into potential price movements, enhancing the probability of a successful trade.
Keeping an eye on the broader picture, the Relative Strength Index (RSI) further bolsters our bullish stance. Breaking above the 50 level and sustaining around this zone, the RSI indicates a continuation of the rally, supporting the case for an upward move.
So, join the bullish ride and seize this exciting opportunity on GBPUSD!
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tp1 hit, the rest at break even
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you can check my new idea here. have a nice week !