The general trend of the market is uptrend. A new peak is formed as you can see in the chart. So I believe it's a sign for the possibility of a retracement for the uptrend.
Clues: Trendline breakthrough, 50 ema crosses the 200, tweezer bottoms on weekly TF, W formation.
We are at level 1 expecting level 2 to form this week. Look out the news for GBP this week!
Note: Please do YOUR OWN analysis before you enter any trade!
Good luck fellow traders ...!!
Here is a rough estimation of where i think the current uptrend's peak will be (£7200 - hitting day chart resistance) which will then initiate trend reversal into downtrend.
