FX.co ★ dusty24 | GBP/USD

Hello everyone! Technical analysis of the GBP/USD currency pair shows a strong bullish trend currently. On timeframes below H4, we have a bullish pennant pattern. I expect the price to rise to the Fibonacci level of -38.2% at 1.377, where I anticipate a trend reversal from bullish to bearish. This level is located on the H4 timeframe, in the daily and weekly short zone, indicating a shorting opportunity on the two higher timeframes. Additionally, there is a good price action from the Fibonacci level of +38.2% to -38.2%, where the price reacted well when it was in a range and the Fibonacci was applied for a downtrend. The price only touched the Fibonacci levels of -50% and +50% twice without crossing them. Importantly, the price moved decisively from these levels without breaking through them, just like in our case where the price started rising precisely from the 38.2% level after a flat range. My thoughts are that in February, the dollar will start strengthening. I'm not sure what will influence this, but it is expected to strengthen. To confirm my thoughts, we should see a bullish pin bar this week, followed by a move to the south. On the weekly timeframe, there will only be bearish candles. As a joke, winter is coming to an end, signaling a move south, but if there is a bearish candle, we will stay here in the north.