GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
A key horizontal level has become resistance, and the price is currently rebounding.
Daily
Uptrend.
The price did not rise strongly from the lower boundary of the channel and has returned once again to the lower boundary line.
4-Hour
Downtrend.
The most recent low was broken with the candlestick body, creating lower highs and lower lows.
It is believed to be in the third wave down, but since it is at the daily channel’s lower boundary, it is uncertain whether it will extend further.
1-Hour
Downtrend.
The resistance line and the 21-day moving average are currently overlapping, so a pullback sell could occur from here.
There is also a possibility of a further retracement toward the upper boundary of the 4-hour channel.
Trade Strategies
Considering a pullback sell near the upper boundary of the 4-hour channel and at a potential resistance line on the 1-hour chart.
The daily chart shows an uptrend, but based on currency strength, the dollar is likely to be bought, so I will look for pullback selling opportunities.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP<USD
【USDJPY】4H
USD>JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP<JPY
【EURGBP】4H
EUR>GBP
GBP<JPY<USD<EUR
