Price action analysis of GBPUSD
As it is considered to research through multi time frames and different chart types to find out the price direction, lets have a look at the monthly,weekly and daily of GBPUSD
Monthly chart of GBPUSD
Monthly chart shows, the short trend is upward even though long term trend is down . Also a strong resistance trendline is nearby. So is there still space to move north is it going to breakdown?
Every counter move is doubtful. It can come back to major move anytime. So beware with uptrend here.
Weekly chart of GBPUSD
Weekly chart shows an upward channel and it is almost broken this week. So beware before entering for long trade at this time. Lets have look at the shorter time frames.
4H chart of GBPUSD
So the 4 hour chart gives more insight to price action analysis of the trend. It says, price was trying to be back in upward channel. It got rejected three times. It is always recommended to be patient and wait for the right signal. The signal we are waiting here will be a breakout of lower support trend line and a jump down of price.
What if it bounces, once again from the support line, then wait to confirm that it is back in long term upward trend.
Watch the result from now in LIVE chart
Next moves in GBPUSD? by infra204 on TradingView.com