This is just a technical setup I did on this pair.
GbpUsd Weekly Chart
I thought that it was worth including the weekly chart on this trade plan. We saw price trade within an ascending channel and make a year high just above 1.36500. Having broken through a key level of resistance at 1.30500 at the beginning of last month, we saw it retesting the level as support last week, which also coincides with the bottom of the channel.
GbUsd Daily Chart
Though price didn't open at any significant pivot level, it opened within a bear sell area. This was after it broke the downside of the range, which can be seen better on the H4 chart. Stochastic is now moving up from an oversold level, We got a bullish engulfing candle from yesterday which signals a possible change in price direction.
GbUsd H4 Chart
Price is currently at resistance, with the WPP acting as a significant pivot level for bears to sell. Should we see price break beyond this level, a key level of resistance lies at WM3.
GbpUsd H1 Chart
On the H1 chart we have been ranging. Having had price come off today's DPP as support, and a crossover on the market action moving averages, the intra-day bulls are looking at DM4 as their conservative daily target. This level coincides with WM3. for a buying opportunity one might wait for a pull back after breaking the top of the range at DM3, which by then will be acting as support.
About The Forex Analyst
I just think to myself at times that hey young man, some of best the best days of your life haven't happened yet, and man what a wonderful feeling it is.