Hello Community,

welcome to my new analysis of GBPUSD from a 4-hour timeframe perspective. In recent times, I spotted interesting and worthwhile setups in the forex market, identifying strong trading opportunities to profit from the upcoming price moves. GBPUSD forms a particularly interesting formation as it has recently already increased bullish alignments and validated a strong bullish bounce in the structure.

When looking at my chart now, we can see how GBPUSD, since it bounced within the ascending trendline, formed this strong bullish move towards the upside. Now it continues to bounce above the 1.344 level and build the next bullish formation from here on. Also, it is finding support above the 35-EMA in black and the 20-EMA in green. From this point of view, it has a solid support base for further bullish continuations.

GBPUSD also formed this continued ascending support line. Such a support line is formed when the price trend accelerates, and the price gains momentum and volatility. This is exactly what is happening here. The recent bounce in the ascending support line also supports the upcoming bullish breakout. A final breakout above the upper boundary of the formation is going to activate the target zone, as seen in my chart.

In this manner, thank you a lot for watching!
The support is highly appreciated.

VP