GBPUSD - Trend Continuation Or Bullish Movements?

Hi Traders!

The market is, on this Timeframe, in a Downtrend.

In our view, there are two possible scenarios of how the market could move:
  • It reaches the Weekly Resistance, then it turns back down --> Down
  • It reaches the Weekly Resistance, retraces and shoots further up --> Up

    However, we have these technical factors which could affect the price:

  • Weekly descending Wedge
  • Weekly Resistance @ 1.37
  • Daily Resistance Area
  • Potential 4-hourly Trendline
  • Potential developing Divergence



If you have anything to add or a different point of view, feel free to comment!



Thanks and successful Trading :-)!
Chart PatternsGBPUSDTechnical IndicatorsretracementTrend Analysistrendcontinuationupordown

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