GBP/USD currency pair on the 4-hour timeframe see the formation of higher highs and higher lows, followed by a distribution pattern at the recent high.
This could indicate that the uptrend is still intact and that the market is undergoing a period of consolidation before potentially continuing its upward movement.
It appears that the pair is currently trading within a range between the recent highs and the 0.618 Fibonacci level, which is considered a key support level. The presence of daily support also suggests that there is a potential for the price to hold at these levels and continue to trade within the established range.
Technical analysis suggests that traders watch for a break above the recent highs according to Plancton's strategy to confirm the continuation of the bullish trend.
This could indicate that the uptrend is still intact and that the market is undergoing a period of consolidation before potentially continuing its upward movement.
It appears that the pair is currently trading within a range between the recent highs and the 0.618 Fibonacci level, which is considered a key support level. The presence of daily support also suggests that there is a potential for the price to hold at these levels and continue to trade within the established range.
Technical analysis suggests that traders watch for a break above the recent highs according to Plancton's strategy to confirm the continuation of the bullish trend.