I always look at the long term charts to watch for the reversal so that I can align myself with the ‘tide’ of the market. I have been keeping a close check on the GBP/USD pair over the last few weeks and it is looking like there is an opportunity to go long here. In October 2016 price bounced from the level show by the red line in the diagram below, again in March 2020 (COVID) when GBP/USD Price dropped through this level before quickly reversing. In August 2022 price broke down through this support level before climbing back up and through the level towards the end of 2022.

On the GBP/USD Weekly chart below, we can see how price has re-tested this level from above and now looks like it is set to climb higher. Infact there is a Head and Shoulders pattern here on the weekly chart which adds confluence.

This week I will be looking for pullbacks on the lower time frame charts to go long on GBP/USD pair.

This is not in any way financial advice, I am purely sharing with you my chart analysis. You should always do your own analysis and research and make your own trading decisions.

As always, I wish you all the best with your trading and hope you have a good week.