Forex Analysis: GBPUSD possible short-term intraday trade opportunities. In this analysis, we have used “WD Gann Intraday Pivot Indicator” for our trade analysis & observing the market price structure. Also, we have used “SFX Multi Pair Trend Dashboard Indicator” to analyze the basic market trend.
GBPUSD Chart Analysis:
By looking at the GBPUSD 5 Minutes Chart, we can see the market is reacting to Gann Major R1 Resistance level. We have also plotted Andrew Pitchfork trend levels along with the chart. The long-term trend is bullish here, so a possible case is here, correction of the existing uptrend.
Looking at the trend dashboard for 5-minute GBPUSD chart analysis, we can see that it is in an uptrend but not in full strength. So as the gann text dashboard on the right-hand side also showing that, price & time trend zone is in weak bullish. Thus it all indicate a correction of the uptrend.
Forex News Release:
There is an upcoming news release on USD Building Permits. Which can be a game changer.
Selling GBPUSD from 1.3886 R1 up to 1.3857 or up to the lower band of Andrew pitchfork. If it breaks the Andrew pitchfork lower band then we assume that it can go further downward. Stoploss above 1.3890. But if market breaks above the stop loss then no more correction its still in the uptrend so buy next.
Chart Screenshot in Full View: