GBPUSD Support & Trend Analysis
I'm relatively new to this, so comments and criticism are welcome!
GBPUSD
Supports & Resistances were determined in the 4-hour timeframe by 3 or more "touch and retrace" points over the past three to four weeks(25 days to be exact). The major Resistance during this timeframe was at the 1.42077 price mark, and the major support between 1.4100 and 1.4080, these levels were tested multiple times.
The trend was determined using the Average Directional Index and was found to be in a strong uptrend(In the 15 min timeframe).
Notes:
If and when the Pound touches or crosses the specified resistance, Shorting opportunities may appear in lower timeframes. Long positions might also be found, since in my opinion, the uptrend starting in April may continue.
GBPUSDSupports & Resistances were determined in the 4-hour timeframe by 3 or more "touch and retrace" points over the past three to four weeks(25 days to be exact). The major Resistance during this timeframe was at the 1.42077 price mark, and the major support between 1.4100 and 1.4080, these levels were tested multiple times.
The trend was determined using the Average Directional Index and was found to be in a strong uptrend(In the 15 min timeframe).
Notes:
If and when the Pound touches or crosses the specified resistance, Shorting opportunities may appear in lower timeframes. Long positions might also be found, since in my opinion, the uptrend starting in April may continue.
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