GBPUSD Weekly: • Price is still retracing after making low at 1.2400 support and rejecting heavily to the upside showing a lot of bullish momentum. • Last weeks candle closed bullish and broke through and closed above 1.2820 level. • Moving averages are bearish however price has broken above one of them.
GBPUSD Daily: • Not much movement last week until strong bullish move on Friday. • Price was stuck in a small range until price broke through descending trendline + 1.2820 and closed above it creating a new bullish leg.
GBPUSD 4hr: • On small timeframe price is in a small bullish trend with price forming on an ascending trendline. • After breaking through 1.12820 and creating a new high I now expect price to retrace down to 1.2767 support + possible 3rd bounce off trendline. • From 1.2767 we will see if we could enter for a possible long position to 1.2885.