On the weekly price made a double top and is on its way down. On the daily chart we can see that price is now testing previous resistance as support. If price breaks through its current support then price should continue its downwards movement. The 4 hour chart has given me a clear wave pattern and weekly fib. 50% as well as 4hr 78.6% levels are being rejected...
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
We can see based on previous price action that once the red area has been broken price falls to the support level highlighted at the bottom of the chart
Price has broken its daily trend line and came up for a retest
We are looking for a BEARISH candle to break the support zone so we can take a short position
On the 4hr TF and the daily TF, we can see divergence...
For GBPUSD I see price has tested a weekly decending trendline, its been rejected and currently stopped at resistance
I believe price will break the current trendline and retest an area near to it before falling to its next support level
(I actually think this pair will just bomb without much of a retracement but will have to wait and see)
After doing some more studying of this pair I can see that price is heading towards its weekly resistance level where it was rejected from previously
If we take notice of the 50MA price has bounced off it several times which indicates a strong bullish move to resistance
I also see bullish divergence on the daily which indicates price is in an uptrend
I will wait...
After beating my head against the desk trying to work out what is going on with this pair I can finally see we have a bear flag forming
I know its a bear because there is bearish divergence on multiple timeframes and bull divergence all over the DXY
I believe once price breaks out of this wedge it is going to fall so dramatically no one will be able to catch it (lol)