GBPUSD $GBPUSD | 4H BREAKDOWN OR BREAKOUT? - Apr. 17th, 2024

GBPUSD GBPUSD | 4H BREAKDOWN OR BREAKOUT? - Apr. 17th, 2024

BUY/LONG ZONE (GREEN): 1.25350 - 1.26215
Can be extended to: 1.24820 - 1.26215
DO NOT TRADE/DNT ZONE (WHITE): 1.24260 - 1.25350
Can be reduced to: 1.24260 - 1.24820
SELL/SHORT ZONE (RED): 1.23000 - 1.24260

Weekly: Bearish
Daily: Bearish
4H: Bearish

GBPUSD fell through the bottom of the previous bearish zone so I've decided to create a new chart. The 4H is currently developing a range, bulls should be looking for breakouts above the top levels of either 1.24820 or 1.25350, bears should be looking for breakdowns below the bottom level of 1.24260. TradingView is not allowing me to publish properly with multiple timeframes so I attached a small image of the weekly and daily timeframe views. The image is anchored and cannot be resized but it gives a small visual of what I was looking at.

This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas.
EDUCATIONAL/ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!

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Comment:

The small image only pops up sometimes when I'm loading the chart, so it may not be seen by some people.

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Weekly View:

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Daily View:

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GBPUSD has rejected the bottom of the bullish zone at level 1.24820 and is back to ranging in the DNT zone.

1H View: