GBPUSD Buy Setup 4hr

Buy order triggered on 1.2989. which is basically in confluence with the fib level 0.782.

Price failed to break below demand zone 1.2994 - 1.2952 where price has rejected previously and pushed price to the upside.

Price action managed to sweep the last swing high at 1.3097 before declining. This is an indication that market structure for bearish momentum has been violated.

1.2984 is the last swing low which needs to be broken to confirm market structure is still bearish on this time-frame. Price action failed to do so temporarily and has begun to make a move to the upside.

For these reasons we have favoured a long position in this setup. Our TP will be at 1.3079 and our stops will be 30 pips from entry.

Have a nice trading fellow traders!