- GBP/USD is o the verge of an upside correction from the daily demand area.
- Bulls can looking to the lower time frames, such as the 15-min, to establish an optimal entry point.
The following is an analysis of the market structure from both a daily and a 15-min perspective.
The 15 min chart can be used as a vantage point from which to gauge for a bullish environment and for long-entry point conditions.
GBP/USD daily chart
As can be seen, the price is bearish below the 21-day SMA and Momentum in negative territory.
However, while a downside continuation can be expected, a meanwhile correction could be on the cards from which point bears will seek a discount to reengage and take on the daily support again.
From a 15-min perspective, there could be an opportunity in the making on a break above the immediate resistance structure.
The 8 open vs 8 close SMA will confirm a bullish bias on the bullish cross over to trigger an long-entry-point window as soon as Momentum confirms by moving over the zero line.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.