GBPUSD Analysis August 9, 2020

On the monthly timeframe we are near a key level of resistance. Overall we are still in a bearish trend but have been consolidating within this range. On the weekly timeframe we are in a retracement. Last week closed with a spinning top candle which is a reversely candle. We are overextended but still need lower timeframe to confirm us short. On the H4 timeframe this is the level that needs to break. If we find support at this H4 structure level we could continue long into the upper blue zone.