GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price once made a lower low but then went on to break a new high again.
Daily
Uptrend.
The price recently made a new high and is now in a slight pullback phase.
There is a horizontal support-resistance line from the weekly chart that overlaps with the previous high on the daily chart.
The price may bounce from that level and resume the uptrend, or it could go into a deeper correction.
4-Hour
Uptrend.
Currently in a correction phase—watching to see if a new upward movement is beginning.
15-Minute
Switched from a downtrend to an uptrend, but has recently started making lower highs and lower lows again, indicating a new downtrend.
Trade Strategies
Strategy①
Go long in line with the 4-hour uptrend.
Wait for confirmation that the 15-minute downtrend has reversed before entering the trade.
Strategy②
If price drops again to the recent low area, consider a long entry assuming a possible double bottom.
Look for a trend reversal on the lower timeframe as confirmation.
