Mahtab_Tradia

GBPUSD: Consolidation Zone

FX:GBPUSD   英镑/美元
As you see in the 4H chart, price has been pushed to the downside after a good growth.

Currently, price has made a lower low and is consolidating between the yellow support and resistance levels (1.35030 - 1.35500)

We can see there is more downside pressure and the main trend is bearish. But, on the other hand, MACD shows a bullish divergence.

Since we are in the downtrend. We should look for sell opportunities:
If price breaks the consolidation zone to the downside and closes a bearish candle below this level, we can expect a continuation on the downtrend.

For the bullish scenario, If price breaks the consolidation zone to the upside, it is not a buy signal yet and we should wait for the upside breakout and bullish candle closure on the red resistance level at 1.36080, then we can look for buy opportunities.

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