On the weekly timeframe, the last two candles closed consecutively bullish, and price is currently bouncing above the 50 EMA. At the same time, the latest weekly candle managed to close slightly above the 10–20 EMA zone, and price is now attempting to break and sustain above it. Overall, this is giving a bullish indication from the higher timeframe perspective and suggests a possible continuation towards the upside.
Looking at the daily timeframe, price is still trading below the 10–20 EMA. However, after attempting to push lower following a downside rejection, sellers are clearly failing to maintain control. Price is now trying to reclaim the 10–20 EMA once again, which aligns with the bullish higher timeframe structure.
I can also identify a strong multi-rejection zone on the daily chart. For now, I will wait for a strong daily candle close above this zone before looking for long opportunities in GBPUSD.
No trade until confirmation and entry conditions are satisfied.
Looking at the daily timeframe, price is still trading below the 10–20 EMA. However, after attempting to push lower following a downside rejection, sellers are clearly failing to maintain control. Price is now trying to reclaim the 10–20 EMA once again, which aligns with the bullish higher timeframe structure.
I can also identify a strong multi-rejection zone on the daily chart. For now, I will wait for a strong daily candle close above this zone before looking for long opportunities in GBPUSD.
No trade until confirmation and entry conditions are satisfied.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.