GBPUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
A key horizontal level has become resistance, and the price is currently rebounding.
Daily
A downtrend has formed with lower highs and lower lows, and horizontal consolidation is currently ongoing.
The price rose to the last pullback high line of the downtrend and bounced once, but it has returned to that price zone again.
4-Hour
Recently, an uptrend had been forming, but near the upper boundary of the larger range, the price faced strong resistance, and now volatility is squeezing.
1-Hour
A sharp rise has occurred, and there is a possibility that the third wave of the uptrend may develop.
However, as noted earlier, the price is approaching a zone on the daily chart where selling pressure may emerge, and on the 4-hour chart the momentum of the uptrend is weakening, so there is a possibility of a decline from here.
Trade Strategies
Considering a short position near the upper boundary of the triangle on the 4-hour chart.
If the price declines directly from the current level, I will consider a short after it breaks below the lower boundary of the triangle.
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<EUR<JPY<GBP
