#GBPUSD:
(1D):
The price is in a clear uptrend, confirmed by the ascending channel firmly above the 200 EMA. Recent price action is though showing how it is slowing down, as we can see that it is slighly bending. This could mean a shorter term consolidation period.
(4H):
Indeed, if we look closer, we'll notice a rising wedge. In an uptrend, this means reversal. This makes next correction probably imminent. However, confirmation is needed.
(1H):
Looking even closer, price has been ranging sideways for quite some time. A break and retest to the downside would be the final confirmation. however, keep in mind that the overall trend is bullish and that's the preferred direction for a trade.
(1D):
The price is in a clear uptrend, confirmed by the ascending channel firmly above the 200 EMA. Recent price action is though showing how it is slowing down, as we can see that it is slighly bending. This could mean a shorter term consolidation period.
(4H):
Indeed, if we look closer, we'll notice a rising wedge. In an uptrend, this means reversal. This makes next correction probably imminent. However, confirmation is needed.
(1H):
Looking even closer, price has been ranging sideways for quite some time. A break and retest to the downside would be the final confirmation. however, keep in mind that the overall trend is bullish and that's the preferred direction for a trade.