current GBPUSD fluctuations
The current price is near a larger timeframe zone/trendline, increasing the risk of illogical fluctuations where larger market participants may accumulate their positions. Whether the price will move up or down will be revealed over time. Analyzing the chart, there is a sense that there is a probability of reaching the weekly candle zone (which also seems logical) below the 1.2600 price. Signs of a downtrend are visible on the 4-hour timeframe, which does not instill confidence in a rapid uptrend, but the possibility certainly exists. Currently, I am observing the last 4-hour uptrend line, and if it is breached, there is a possibility of a short trade down to the 1.26 price, contingent upon the market providing a favorable entry opportunity.
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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.