The GBP/USD chart has recently been moving in a bullish direction on the daily chart since the lowest low in march of 2020 due to the start of a pandemic. Because of this I looked on the 4 hour chart for a potential pull back to go long and follow the positively correlated channel. I used a diagonal line to show the support since march 2020 with a support line on...
Welcome traders to a free analysis breakdown.
Today I am highlighting possible trade ares on GBPUSD if you any questions on the pair let me know in the comment section below.
Once the pair gives us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this breakdown helpful .
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Expectations are a rise.
Instructions - if trade flat or has not moved in the next 2 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
After re-analysing this chart it appears we have a daily trendline which is being respected, I can see that price broke a level of resistance on the 1HR TF and is now retesting
Looking for a long opportunity on this pair
As shown by our purple arrows you can see where price has used our marked out zone as support and resistance over and over again, and this been the weekly timeframe makes this a strong level and setup, This also lines up with the 3rd touch of our trendline which will be valid if for the next 7 hours bulls can push price up allowing the weekly candle to close above...