FX.co ★ Ambar Hassan | GBP/USD

I am looking at GBP/USD, and I have seen no growth or selling action so far. I am observing a modest sideways trend unfolding at this moment. I see the price currently sitting at 1.3618. I once drew my guidelines along the peaks of the trading zigzags, and I ended up with a fairly clear sideways channel. I have set its boundaries at 1.3620 on the top and 1.3150 on the bottom. I notice the price is now hovering at that upper boundary. I can tell it is unable to break decisively into the sideways range from here. I am turning to the daily chart indicators, and I am applying the wave technique to read them. I see that the MA100 is moving clearly parallel to the floor, and I interpret this as confirmation of a flat mood throughout the week. I then observe the MA18, and I note that it has crossed the key moving average upwards. I recognize this formation as a golden cross, and I take it as a legitimate buy signal. I can see this moving average is actively pulling in favor of growth, and I measure its trend angle at a very active 30 degrees. I notice that all the candlesticks are currently being drawn above this light moving average, and I believe that tells me something important. I feel as though everything rests precisely on this dynamic line; I think that wherever we push off from here, that is exactly where we are going to go

I am also examining the Ichimoku Cloud, and I am struck by what I see. I observe that it currently has no body at all; I would describe it as having coalesced into a mere thread. I note that it is pulling in favor of growth, and I again measure the angle at a trending 30 degrees. I then witness that a rally has opened up, and I am looking at a histogram that is bullishly charged. I turn my attention to the basement indicator clusters, and I find they are signaling overbought conditions. Despite that, I sense that sentiment remains quite bullish across the board. I am weighing all of these factors, and I am coming to the conclusion that a rally could very well be on the horizon. I am not ready to commit yet, however. I am choosing to hold back because I still want to wait for clearer signals. I know that patience is critical in these moments, and I do not want to be caught off guard by a false breakout or a sudden reversal. I trust my analysis, but I trust my discipline more. I have drawn my lines, I have read my indicators, and I have interpreted the waves, yet I am still hesitant. I believe the pieces are aligning, but I am not convinced the picture is complete. I am watching the price hug that upper boundary, and I am waiting to see if it finally yields or if it rejects and sends us back down. I am prepared for either outcome, but I am not acting until I have the confirmation I require.