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.
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