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GBPUSD - Long Position
Price is ranging between support and resistance.
The price clearly bounced off support twice before ranging. This is on the 4 hr TF.
Moving down to the 1 hr TF, the price has now bounced off the ranges' support and heading up.
Long this position and close trade before it reaches the range's resistance.
After this setup plays out, a break of the range resistance would open a long position again, and a rejection from the resistance would open a short position.
The price clearly bounced off support twice before ranging. This is on the 4 hr TF.
Moving down to the 1 hr TF, the price has now bounced off the ranges' support and heading up.
Long this position and close trade before it reaches the range's resistance.
After this setup plays out, a break of the range resistance would open a long position again, and a rejection from the resistance would open a short position.
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