Major USD Pairs Discussion | Daily Market Breakdown

GBPUSD- On the 4hr, price has formed a rising wedge. A converging chart pattern that shows buyers are beginning to lose their strengths when approaching a significant resistance zone, where sellers can possibly step in and take over.

To trade a rising Wedge pattern as seen on GBPUSD, wait for price to break below the lower boundaries of the wedge, and enter on the retest with SL above the last high before the break of the channel.

The TP target is usually the Low that formed the origin of the Rising Wedge as indicated on the chart.

GU-On 1hr, There's a newly formed bearish Channel. I'll watch if price will follow through this channel to invalidate the rising wedge on 4hr, but if the bearish channel gets invalidated and price breaks above the upper channels invalidating the resistance level at 1.3545 then the buys will continue.

To sell GU, I'll wait on 15mins for price to flip the 15mins support level at 1.3535, making it my sell entry, with SL at 1.3555 and TP at 1.3496.

EURUSD- Daily Update
A break out of the range between 1.1584 as resistance and 1.1573 as support, will determine the next strong move on EURUSD.

EU-A break above the resistance and I'll buy on retest with SL at 1.1565 and TP at 1.1630