GBPUSD
An overview of the current trading situation.
On negative correlation perspective :
DXY week chart 7 weeks bearish movement, Doji spotted on the previous candle, slowing down recent bearish movement indicates signs of a possible reversal.
Day chart= Flat
4H = Thin range ( 92.52-93.93)
1H = Bollinger top band = breaking off from downtrend when price close above 93.4 .
To conclude, if price closes above 94 = end of the bearish movement.
Economic Data:
The unemployment rate in the UK has improve but still at a recessionary level >2.5%.
GDP = Recessionary level
The US, raising inflationary rate = tightening money supply = holding back stimulus package = dollar devaluation might end.
Sentiment :
The majority on the sell-side for GBP/USD, at 34/66, a level which big money most likely will not make a move till a level of 30/70.
Open position = anti-GU to bull run
GBPUSD Chart analysis :
1H = Bollinger lower band ( Bear) / W%R (Bear), Techincal cooling possible, closure below 1.303 will give the signal for bearish.
4H= 50 SMA High Rejected ( Bear) / Fibo 1.292 range for stronger support / Berish Triangle .
D= Inverted hammer spotted at recent peak (bear) / Day candle still holding up in bull range, only closing at 1.3 mark or below will indicate bullish momentum over.
Overall do not make bet on a direction yet without confirmation, the market tends to be very speculative and might be stopped out before moving in the right direction.
The analysis could be invalid when different sentiments are filling in.
I personally would only scalp ranges at this moment and prefer a short position only when price and candles patterns confirmed.