What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the GBP/USD, translating the market information with a full technical analysis on different time frames.
For a better understanding of my market perspective, let’s have a quick look on the monthly timeframe:
Overall the market is still moving to the downside, got a rejection on a strong resistance/support level.
Switching to the weekly timeframe:
The market started a retracement movement and I would expect the price to reach its next S/R level before consolidating for a while or eventually get more rejection on that area.
On the daily timeframe:
The market has been moving inside a descending channel for a while, breaking it to the downside just few days ago, reaching the support level where it found strong demand. Considering the overall bearish market and a strong downtrend, there is a good possibility to see the price going back to the support area, consolidating for a while before increasing the demand and eventually start changing the trend.
Back to the 4 hours timeframe:
The price almost reached the previous value area that it could work as a resistance level. There is a possibility to see the market going back to the support to get more demand before a new upward movement. I’m not going to take any action on this market right now, I would instead, wait for a clear trend change before planning my next position on this trade.
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Trade safe and responsibly, Gianni
DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose