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Tuesday, August 03, 2021

GBPUSD Analysis

GBPUSD Analysis

Looking first at the weekly chart, GU is most likely setting up to form a Head & shoulders pattern (also on the daily). Scaling down to the H4, price has been in an impulse phase (thus forming the weekly''s right shoulder). Price is currently in a correction phase ( bullish flag ). Therefore, I am expecting another impulse to the upside, which will be followed by a drop to complete the right shoulder.

This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial.

from TradingView Ideas
via gqrds

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