1. Overall, we are on a bearish trend on Weekly Chart, but recently price action has shown an upward trend (A small slope though)
2. On a daily, we are in a clear downtrend with an important 1.3800 resistance level and a trending support price level.
3. A test of 4-hour level needs to occur (Double rejection) for a potential short trade where the price could...
Based on the current market structure and 25, 50, and 100 moving averages, we could build a case for another short on GBP USD. A good point of entry would be Point E which is 1.36906 and Target D (1.33646).
You can wait for the bearish engulfing candle and price closing at 20,50 moving averages.
Happy to get some feedback on this and please manage your own risk.
