Marenno
Long

GBPUSD Current view and entry levels (MTF report incl.)

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 above 5MA what gives a bit more power to bullish signals
We have a bullish chart pattern (1D Chart)

Price is currently at 61.8% Fibonacci retracement area
in a relation to Previous swing UP
Will look for a bullish mid-term entry setup (based on 1D chart, using lower leverage and wider stops, this type of trade will be left open for a few days) at around 1.5300

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 4H Chart
Will look for a bullish short term entry setup (based on 4H chart, this type of trade will be left open for a few hours) at around 1.5300
On a 1H chart we have a bearish chart pattern
Divergence with a current oscillator confirms the reversal pattern on a 1H 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 1H timeframe)
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on 1H chart, trade will be left for minutes, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 1.5320

News in US are coming out today, I will use my overview and trading setups prior to 1Hr before the news are coming out, then will review. Also it's important to mention that normally the Price volatility will drop before the news, then price will go in opposite direction to the future price movement just before the news, so Have it in mind before entering a trade and check Economic Calendar for Updates


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 opportunities today (or at least during the present session).
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