GBPUSD - Trend Continuation Or Bullish Movements?

4 Okt 2021

Hi Traders!

The market is, on this Timeframe, in a Downtrend.

In our view, there are two possible scenarios of how the market could move:

• It reaches the Weekly Resistance, then it turns back down --> Down
  
• It reaches the Weekly Resistance, retraces and shoots further up --> Up
  
  However, we have these technical factors which could affect the price:
  
  
• Weekly descending Wedge
  
• Weekly Resistance @ 1.37
  
• Daily Resistance Area
  
• Potential 4-hourly Trendline
  
• Potential developing Divergence
  

If you have anything to add or a different point of view, feel free to comment!



Thanks and successful Trading :-)!