FX.co ★ IgniteTrade | GBP/USD

GBPUSD H1 Chart Review: In terms of the daily time frame, we do observe a pretty remarkable trend. Last night, the buyer promptly answered with a bullish candle that was the same length as the engulfing sell candle that had occurred the day before. However, the sell engulfing candle from the day before has since been cancelled, and both the bullish and bearish prospects are still very much there. Therefore, the upward movement from yesterday night prolonged the formation process, else it would have been canceled. Furthermore, it is evident that the price is continuing to move above the MA60 line, indicating that the bullish pattern is still in place at this daily period. As a result, the Bollinger band's shape is currently inclined or leaning higher, which further suggests that the current trend is bullish. Let's now examine what transpired during H4. When we look at H4 time, we can see that the price has risen once more. Prior to the price increase, there was an extreme buy setup against the MA50 line, which also happens to be the H4 Low BB line. This suggests that it may be what has caused the price to rise thus far; as of right now, there is a buy formation there, thus the price will keep rising till TOP BB. Additionally, once the price reaches the BB top, it cannot break above it or create a CSM. However, there is a good chance that both the setup on H4 and the price will decline once more. As a result, the bullish setup is still in place as the price keeps rising above the MA50 line, which is also where the zero-zero-loss setup is formed. The bullish trend pattern has now ended, according to the Bollinger Band form, which has also begun to flatten. At this point, the price is still debating whether to continue the upward trend or turn around and decline. Next, let's examine the H1 time: