GBPUSD multi-timeframe analysis

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Here we see that Cable has been in a downtrend for a long time

Post corona: it tried to break this but failed

I am seeing a lot of similar scenarios

We had a bust and boom, time for another bust?

Let's walk through the timeframes on this Action - Reaction chart

TRADE AT YOUR OWN RISK

G.R.I. Dec '21

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15 year downtrend, false break out post corona

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on the weekly we see the drop came with bearish divergence at a key resistance level

plus it would seem price and momentum have yet to bottom

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on the daily timeframe we see momentum is accelerating to the downside but the rsi is trying to bottom- i favour an initial move up this week followed by the move to the balance point shown on the daily chart

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The chart this week will be defined by the outcome of the BOE monetary policy meeting on thursday. On balance I would favour a move up/sideways till then then a run at our 1.27 target