GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend, currently making new highs.
However, the price once broke below a previous swing low and then resumed the uptrend, so it’s not a clean upward trend.
It may resemble an expanding triangle.
Daily
Uptrend.
Price has broken above a horizontal level from the weekly chart and is now pulling back to retest the support-resistance flip zone.
4-Hour
Uptrend.
The previous high did not act as support, and price has pulled back to around the last swing low.
15-Minute
Downtrend.
Trade Strategies
Strategy①
Go long around the 4-hour swing low.
Wait for a trend reversal from down to up on the lower timeframes.
Strategy②
If the price clearly breaks below the last swing low on the 4-hour chart, consider taking a short-term trade down to the next significant support level.
