FX.co ★ Rimi4x | GBP/USD

Good morning, dear forum fellows and visitors from all over the world. The weekend is over, which means that it's time to get back to work. The Forex market is open now, and we can trade in the live market according to our plans. Today I will share analysis on the GBPUSD pair, which is currently moving in a sideways direction. Let's start the discussion. H1 timeframe analysis: According to the H1 timeframe, we can see that after hitting the fresh low of 1.0335 level, it started its bullish momentum and is currently trading below the resistance level of 1.2218. From the current situation, it looks like the price will rise because the dollar index is showing weakness against the GBPUSD . So for today, I think the price will break through the resistance level and then it will rise further toward the level of 1.1360. The MACD and RSI are both showing positive readings, which is a good sign for the buyers to push the price further toward the higher level.

H4 time frame analysis: Looking at the H4 timeframe, we can clearly see that currently the GBPUSD pair is trading in a sideways direction channel and the price is oscillating below the 1.1200 level as the price is trying to retest the 1.1200 level. The near-term technical outlook shows that the bullish bias stays intact because the MACD is trading above the 0 level and the relative strength index is also hovering above the 50 level, which indicates the price will continue to rise. So today's trading strategy is to choose to buy.