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
The lower boundary of the ascending channel has been clearly broken.
Although there is a possibility of a false breakout, the downward momentum is likely to strengthen for the time being.
4-Hour
Downtrend.
The third wave down has fully extended, and a corrective wave is expected to follow.
1-Hour
Downtrend.
Recently, after a brief consolidation, a pullback sell at the 21-day moving average—combined with the release of U.S. economic data—drove the price downward.
Trade Strategies
I will wait for a larger pullback before looking for selling opportunities.
Pay attention to price action around key horizontal levels or near the 21-day moving average.
Since this is a countertrend trade against the higher timeframe, the risk is high, but I will look for longs on the lower timeframe.
If signs of a bottoming pattern appear, I will go for a short-term dip-buy.
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<EUR<USD
