My view on GBPUSD
GbpUsd view
Using a top down analysis from D1, 4H & 1H
Daily Time frame, the market is in an uptrend and makes an ascending channel and there was a brake out from the resistance zone of 1.40021 and it coincides with the resistance of the channel. The market retraced back to 1.40021 zone and tries to go long again.
4H, There was a Head and Shoulder formation at the resistance of the channel and it coincides with the resistance on our daily time frame too. the market sold to break the baseline of the head and shoulder and have it retested again at 1.41079 zone which gives us an HH meaning that there will soon be an HL if not violated means we should be expecting a sell but you know nothing is certain in trading.
1H, my entry time frame makes it clearer that we are going to have a sell to the next support zone of 1.40174.
Note: I stand to be corrected
Please like and leave a comment of you find this useful for you.
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.