GBP/USD Analysis:
Hello Dear Traders,
Take a look at the weekly chart; a clear bullish channel is evident here. We tend to long the pair in this situation, given that we are around the bottom of the bullish channel. However, I don't trade based on the weekly channel.
On the daily chart, we see a bearish trend line and a gap towards the bottom of the channel. Breaking above the trend line on the daily chart would indicate more bullish movements in the future.
However, examining the 2-hour chart, it appears that there might be a reversal following a strong bearish candle. This candle was formed due to the FOMC voting, and I believe there may be some sell orders left from that. Therefore, I predict more bearish movements on the 2-hour chart during the reversal.
Take a look at the weekly chart; a clear bullish channel is evident here. We tend to long the pair in this situation, given that we are around the bottom of the bullish channel. However, I don't trade based on the weekly channel.
On the daily chart, we see a bearish trend line and a gap towards the bottom of the channel. Breaking above the trend line on the daily chart would indicate more bullish movements in the future.
However, examining the 2-hour chart, it appears that there might be a reversal following a strong bearish candle. This candle was formed due to the FOMC voting, and I believe there may be some sell orders left from that. Therefore, I predict more bearish movements on the 2-hour chart during the reversal.
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