GBPUSD BUY: Weekly, Daily & 4hr. Multiple timeframe analysis.

GPBUSD Weekly:
• This pair is currently in a strong bear trend with price printing series of lower highs & lower lows.
• Last weeks candle closed as a bullish hanging man. A reversal is expected however, this candle closed directly above 1.2700 monthly resistance.
• Candle rejected off moving averages with huge wicks. Moving averages are bearish.

GBPUSD Daily:
• Some huge moves in the market last week with Thursday candle forming a huge wick to the downside tapping 1.2450 weekly support but rejected off it and made its way back up and closing as a bullish hammer candle.
• Pair double bottomed at last years lows and rallied up from this level breaking through multiple resistance levels and closed above 1.2675. Next target for GU 1.2825 resistance.
• Moving averages are about to crossover bullish.

GBPUSD 4hr:
• After a daily break of 1.2675 price is now set to retrace back to 1.2675 for a retest before going long to 1.2825 resistance.
• We need to be cautious of the descending trendline for a possible reversal from there.

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