Good morning traders, today we bring you our analysis of the GBP/USD pair, since we consider that it is performing an important behavior.
🔸As we can see, the price is in a marked uptrend, where we can draw an Ascending Channel.
🔸Last week, the price made a bearish break in the trendline, but the bearish movement was not confirmed and did not continue.
🔸Now, the price is entering the channel again, which is a bullish sign.
🔸To confirm this view of the price, what we do is reduce the timeframe a little towards 4H and draw the corrective pattern.
🔸We believe that the safe way to take a position in this pair is to wait for a break in the trend line of the retracement and then seek an entry towards the next Resistance Zone.
🔸As we can see, the price is in a marked uptrend, where we can draw an Ascending Channel.
🔸Last week, the price made a bearish break in the trendline, but the bearish movement was not confirmed and did not continue.
🔸Now, the price is entering the channel again, which is a bullish sign.
🔸To confirm this view of the price, what we do is reduce the timeframe a little towards 4H and draw the corrective pattern.
🔸We believe that the safe way to take a position in this pair is to wait for a break in the trend line of the retracement and then seek an entry towards the next Resistance Zone.