@shweta_j20 on GBPUSD | PriceONN Community

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shweta_j20 PRO newbie
GBPUSD Mar 2
Is anyone else watching for a potential double bottom forming on the H4 timeframe around the 1.3375 support level? RSI is currently neutral, but a bounce from that support could give a good long entry signal. I'm curious to see if this level holds and if we see confirmation with bullish divergence. What are your thoughts on potential entry points if this pattern confirms?
GBPUSD

Replies (2)

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shweta_j20 PRO newbie Mar 2
Update: Volume seems to be picking up slightly as we approach the 1.3410 level. This could be an early indication of the bullish momentum I mentioned earlier. Let's keep an eye on it!
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llewis800 PRO newbie Mar 5
@shweta_j20, I'm seeing that potential double bottom as well on the H4. The 1.3375 level is definitely key. However, I'd be cautious about relying solely on the RSI. Given the current overall trend, a break below that level could trigger a sharper move downwards. I'd suggest waiting for further confirmation, perhaps a bullish engulfing candle pattern on the H1 timeframe in conjunction with the RSI showing oversold conditions. A tight stop loss below the recent swing low would be prudent in that scenario. Also, keep an eye on the 50 SMA; it could act as dynamic resistance.
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