GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Downtrend.
The price has risen back close to the origin of the previous large downward move.
Weekly
Uptrend.
There is a possibility of a reversal soon, but in the short term, there may still be room for more upside.
Daily
Uptrend.
Formed a recent high within the same price range as the weekly chart.
The price is currently rising again toward the recent high.
4-Hour
The market is moving within a large price range and forming an uptrend within that range.
Overall bias remains bullish in the longer term.
1-Hour
Uptrend.
The price is currently in a pullback phase toward the previous high.
It may rise again from here or drop further toward the origin of the 1-hour uptrend.
Trade Strategies
Strategy①
Trend-following long entry on the 4-hour and 1-hour timeframes.
View the current pullback as a correction and aim for a long entry targeting the 5th wave of the 1-hour uptrend.
Look for a reversal signal on the lower timeframes.
Strategy②
Counter-trend short entry on the 4-hour and 1-hour timeframes.
Since a short-term downtrend is forming, if bearish momentum strengthens, consider shorting down to the origin of the 1-hour uptrend.
