Marenno
Long

GBPUSD Current view and entry levels (mtf report is in)

FX:GBPUSD   British Pound/U.S. Dollar
Price direction on a 1D chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Yesterday's close is below 5MA what gives a bit more power to bearish signals
We have a bullish chart pattern (1D Chart)
There is no divergence confirmation on a daily chart with a current oscillator, so it can be a false reversal signal, However it doesn't mean not using it, but must have a tight stop loss.
Price is currently at 61.8% Fibonacci retracement area
in a relation to Previous swing UP
Will look for a possible range bounce entry setup (based on 1D chart, mid-term) at arround 1.525

On a 4H chart we have a bullish pattern
Divergence with a current oscillator confirms the reversal pattern on a 4H chart, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 76.4% Fibonacci retracement area (Filtered to 4H timeframe)
in a relation to Previous swing UP
Will look for a possible trend-following entry setup (based on 4H chart, mid-short term) at arround 1.525
On a 1H chart we have a bullish pattern

Price is currently at 76.4% Fibonacci retracement area (Filtered to 1H timeframe)
in a relation to Previous swing UP
Will look for a possible trend-following entry setup (based on 1H chart, short-term) at arround 1.525


In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a buying oportunities today (or at least during the present session).
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