GBPUSD has been something almost everyone has been eyeing up the past few weeks/months.
Here’s our top-down view:
-Monthly: -
(Monthly, with weekly levels)
-Weekly Zoomed Out: -
-Weekly Closer Look: -
We are reaching the original reversal zone (purple), *note that usually these zones have a middle that is met (blue dashed line) these are often met. However, if you look at the bottom black weekly (lifetime) trendline (very strong) we could be meeting this level before the reversal occurs. This level would be roughly 300pips away yet.
Now the red dashed line is the wick to wick trend (lifetime from the weekly chart) So we could certainly see the wick tap that level, perfect level for entry.
^Note this is all a longer-term outlook. This will likely be 3-8 weeks away yet.
-Daily: -
This is where we see the original zone come out (purple) and the price is already reacting to it.
Long story short: We are looking for long entries right now, with the potential for a short depending on what story the candles tell us.
Here’s our top-down view:
-Monthly: -
-Weekly Zoomed Out: -
-Weekly Closer Look: -
Now the red dashed line is the wick to wick trend (lifetime from the weekly chart) So we could certainly see the wick tap that level, perfect level for entry.
^Note this is all a longer-term outlook. This will likely be 3-8 weeks away yet.
-Daily: -
Long story short: We are looking for long entries right now, with the potential for a short depending on what story the candles tell us.