Will GBPUSD bounce back from here?
GBPUSD is one of the trading pair. By looking on the current structure on chart we can say it's below the major trend. And also reaching to the high demand zone.
There is a good possibility it will be bouncing back from here because of
Reason:
1. RSI is in oversold zone. But don't have good strength so buyers will start making positions here.
2. Zone has provided the good support zone for demand.
3. Reduction of volume of sellers.
Verdict:
Bulliness in near future.
Plan of action:
Wait for breakout of dotted trendline.
There is a good possibility it will be bouncing back from here because of
Reason:
1. RSI is in oversold zone. But don't have good strength so buyers will start making positions here.
2. Zone has provided the good support zone for demand.
3. Reduction of volume of sellers.
Verdict:
Bulliness in near future.
Plan of action:
Wait for breakout of dotted trendline.
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