Today on GBPUSD – Daily and H4 charts support Long trades.

On the Daily chart above, price recently broke a very major resistance level – the year high @ 1.6744 (which we’ve highlighted using the blue broken line) upward. This signals the possibility of further price movement upward. To me, this single price action is major enough to be the only analysis on the GBPUSD Daily chart for today.

On the H4 chart above, price has broken the most recent swing high @ 1.6525 (which we’ve highlighted using the blue broken line) upward. This automatically shifts our bias in favor of an upward price move. The green horizontal line @ 1.6471 highlights the most recent swing low, and as long as price stays above it – in the absence of any new and higher swing low – our bullish or upward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important support levels – to seek promising areas to take our Long positions. Price pattern on the hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today’s up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the hourly retracement. It might happen, and it might not.