The GBPUSD maintains a valid upward trend on the Daily chart, which demands our attention and respect. Despite the current significant decline, it is technically considered a pullback as no critical structure has been breached.
However, it is worth noting that the 5-minute intraday chart has dipped below a sell point, indicating a potential reversal. The wavestructure is currently at ML 5, representing the last swing before a bullish reversal can be anticipated.
Considering these factors, it may be opportune to consider a Long Trade from the LOD (Low of the Day), aligning with the market structure's low.
Feel free to make informed decisions based on this analysis.
Enjoy!
However, it is worth noting that the 5-minute intraday chart has dipped below a sell point, indicating a potential reversal. The wavestructure is currently at ML 5, representing the last swing before a bullish reversal can be anticipated.
Considering these factors, it may be opportune to consider a Long Trade from the LOD (Low of the Day), aligning with the market structure's low.
Feel free to make informed decisions based on this analysis.
Enjoy!
