GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Downtrend.
Price has retraced nearly 80% of the move that created the lowest point.
Weekly
Uptrend.
Although price once broke below the level where the previous high started, it turned out to be a false breakout and the market resumed its upward movement, breaking the previous high.
Currently near a horizontal level that may act as resistance.
Daily
Uptrend.
The previous high has become a support-resistance flip zone, and the market is rising again. However, it may be difficult to look for a long entry from here.
4-Hour
Uptrend.
Currently in a pullback toward the previous high.
There may still be room to look for long entries up to the horizontal level visible on the weekly chart.
1-Hour
Uptrend.
Just like the 4-hour chart, price is pulling back toward the previous high.
Trade Strategies
Strategy①
Since all timeframes down to the 1-hour are in an uptrend, focus only on long trades.
On the 15-minute chart, which forms the structure of the 1-hour trend, a downtrend is currently visible. Wait for a trend reversal on the 15-minute chart before entering a long position.
Ideally, wait for a clear 1st wave up, then look for a pullback to enter on the 3rd wave.
If price fails to break the previous swing high, consider entering long after seeing a clear higher high and higher low structure.
