I do a detailed analysis for you,, and here is the conclusion.
📈📍 Weekly: GBPUSD is moving downwards. Price makes LH/LL
📈📍 Daily: GBPUSD is also in a Downtrend but over-extended
📈📍🚀 Hourly: Price moved in an upward channel - valid channel
therefore the price either will break above and create a new market structure with series of
higher Highs and higher lows, either will get absorbed by selling pressure and reject the channel line- channel line called the upper line of the channel
The RSI on there hourly chart shows Bearish Divergences and this means that the preceded leg was weak compared to the previous. Therefore is also a sign for market maybe will reverse.
I will be looking to sell if there is a strong price action reversal.
💬 Let me know how valuable you find this and if you want to see more analysis like this
📈📍 Weekly: GBPUSD is moving downwards. Price makes LH/LL
📈📍 Daily: GBPUSD is also in a Downtrend but over-extended
📈📍🚀 Hourly: Price moved in an upward channel - valid channel
therefore the price either will break above and create a new market structure with series of
higher Highs and higher lows, either will get absorbed by selling pressure and reject the channel line- channel line called the upper line of the channel
The RSI on there hourly chart shows Bearish Divergences and this means that the preceded leg was weak compared to the previous. Therefore is also a sign for market maybe will reverse.
I will be looking to sell if there is a strong price action reversal.
💬 Let me know how valuable you find this and if you want to see more analysis like this
Note
Price broke and closed outside of the Channel Line and made the channel invalid for shorts
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.