GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price is rising toward a level that is considered significant on the monthly chart.
Daily
Uptrend.
The previous high is acting as resistance, and the market is currently pulling back.
4-Hour
Uptrend.
The market is in a range between the recent high and the origin of that move.
The recent high was not broken with a solid candlestick body and has since reversed downward.
1-Hour
Downtrend.
Although the 4-hour high was broken with a candlestick body, the last higher low was broken afterward, leading to a downtrend.
Currently, there is an uptrend on the lower timeframes within the range between the recent low and its origin.
Trade Strategies
Strategy①
Counter-trend short on the 4-hour chart, trend-following on the 1-hour chart.
Wait for the price to pull back as close as possible to the origin, and enter after confirming a trend reversal on the lower timeframe.
Strategy②
If the upward momentum is strong and the 1-hour trend bias shifts upward, consider a long position.
