British Pound / U.S. DollarUpdated GBPUSD 6/7/2020
6/7/2020 Weekly downtrend, price on daily making HH structure though within a small range. Looking like a uptrend channel forming (correction phase) after an impulsive movement prior (V shape).
Within the Daily uptrend channel, price consolidating (correcting) on the current leg to the downside. Price broke out of that consolidation phase and tested the nearest previous higher low but did not break it. Now...if price moving out of the corrective phase, expecting an impulsive move. However, no confirmation yet as structure is still bearish on the daily timeframe.
When daily structure uptrend (new HH leg) + H4 uptrend = look for buy setup.
No sign of bearish movement yet on H4.
Note
H4 updateD1 update
RR 1:2
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.