GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price has bounced once at the horizontal level.
Daily
Recently, a downtrend has formed, and the last lower high line is functioning as resistance.
4-Hour
In the broader view, the market is in a range, with an uptrend forming from the lower boundary to the upper boundary of the range.
1-Hour
Currently, buyers and sellers are in a tug-of-war, and a range is forming.
A strong support line can be identified.
Trade Strategies
When the 1-hour range breaks in either direction, I expect a strong move to follow that way.
If the price breaks below the range low, I will enter a short position.
If the price breaks above the range high, I will consider a long entry.
From a currency strength perspective, longs are favored, but looking at EURUSD, there is a possibility that the dollar may be bought next, so caution is needed.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
USD<JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP=JPY
【EURGBP】4H
EUR>GBP
USD<GBP=JPY<EUR
