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.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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