GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price has risen close to the monthly resistance line.
Daily
Uptrend.
Formed a high within the same range as the weekly chart, and now the focus is on whether it will break the daily high.
Currently, the candle closed with a wick showing some rejection.
4-Hour
Uptrend.
Within the range between the recent high and its origin, a lower timeframe uptrend has formed.
1-Hour
Uptrend.
Currently in a pullback phase, and it’s uncertain whether the price will rise again toward the recent high.
Trade Strategies
Strategy①
Trend-following long on the 4-hour and 1-hour charts.
If a double bottom forms at the current price level, look for a trend reversal on lower timeframes and consider a long entry.
Strategy②
Counter-trend short on the 4-hour chart, but trend-following on the 1-hour chart.
If the 1-hour bias shifts to bearish, look to short the 3rd wave down.
Target the range from the upper to the lower boundary of the 4-hour chart.
Postscript Trade Strategies
Strategy①
If the price looks likely to rise from the origin of the most recent 1-hour high, consider a long position.
At present, there seems to be strong short-term bearish pressure, but this is also a 1-hour support level, so some resistance is expected.
