The (GBPUSD) is once again in the early stages of trying to form a major bottom with this week’s green weekly candle trying to push above last week’s high.  Any daily close above descending wedge resistance (on the daily chart) will likely coincide with a test of the weekly chart descending wedge resistance.  Although unlikely, volatility from Friday’s UK Flash Manufacturing and Services PMI along with any escalation in the Ukraine-Russia conflict could briefly result in a retest of last week’s 2022 low.  Except for the weekly MACD which still slopes down, the weekly and daily RSI, Stochastics and MACD are bottomish.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on EURUSD, NASDAQ100

GBPUSD Weekly/Daily/4hr

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(FXB)