GBPUSD: Bullish Hidden Divergence

GBPUSD, H4

In the H4 timeframe, GBPUSD is on the correction after a decline, facing the critical 1.3000 resistance level.

The MFI oscillator shows a hidden bullish divergence, however, the 100-MA gives an additional layer of resistance for the asset, so the mixed sentiment is on the chart:

If the price breaks above the 1.3000 resistance, it will rise to 1.3160 and the golden Fibonacci pocket.
However, if GBPUSD bounces from the resistance zone, the asset may fall to 1.2860 support.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

Share with friends:

Author: Timur Yurdagyul

Open an FBS account

By registering, you accept FBS Customer Agreement conditions and FBS Privacy Policy and assume all risks inherent with trading operations on the world financial markets.