Forex Analysis: GBPUSD

We are looking at the Weekly-Chart of the GBPUSD. In this Forex Analysis, there are two areas that are important for the overview (where the course is located): a trendline (dark green) and a support-level (light green). The trendline is very significant as it comes from the Weekly Chart. The picture above shows all information of the last 4 years. A trendline from the 5min- or 15min-Chart is much less important. We can easily see that the trendline was often tested but could not be broken upwards. Thus the area could also hold and withstand the next touch. The direction of this pair changed every single time when this area / trendline has been tested. That is what I like on this pair.
However, we are currently still many pips below the trendline. For a better understanding of the support-level, we look at the Daily-Chart:

At the Daily-Chart we are able to see now, that the price of the GBPUSD from October 2016 to April 2017 only went sideways. The marked level (light green) gave the resistance to the top on this range. Finally, the market participants were able to push the price above the level. As I have often emphasized, I am eager to wait for a return to such a level. The previous resistance now becomes a support. This return / correction was completed by the UK election last Friday. Here I count with a movement upwards. If you look at the smaller timeframes you will notice that the course has already shown a reaction to our support level. I will look for Long Trades here!