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GBPUSD Analysis July 11, 2020

FX:GBPUSD   Pound Inggris / Dollar AS
On the monthly timeframe we are overall in a downtrend. Currently we are in a retracement retesting a monthly level of resistance. On the weekly timeframe we are pulling back to form a LH. The moving averages have crossed and many buyers have stepped into the market. On the daily timeframe we are in an uptrend. In order for this to continue we need to look at the H1 trend and see when the next opportunity to enter could be. Considering the level of resistance we are testing we really need to break above this level before considering any buying opportunities. If we break below H1 structure we can consider short opportunities.
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