Potential Trend continuation opportunity of GBPUSD (4Hr)

19 Ağu 2020

The previously posted opportunity on potential double top didn't work out as expected and the cable continued trading upwards after breaking the channel. Now the pair has retraced to retest the channel level at 1.3158. Multiple confluences on this level including the alignment of .5 Fib ratio from the last leg that started on Aug 17th in addition to a .318 Fib ratio for the full leg upwards that started on 12th Aug. Would be a good area to buy if we get a double bottom on the 1Hr timeframe. RSI also oversold at 1Hr timeframe so a divergence will be an additional confluence.