1.24 is potentially of interest as support
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains in motion in May. Neighbouring resistance can be seen in the form of a trendline (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
Upside momentum recently diminished as the pair crossed paths with the 200-day simple moving average (SMA) at 1.2647, a value that boasts a close connection to a demand-turned supply at 1.2649/1.2799.
Thursday attempted to make a comeback, though faltered at highs of 1.2418 and wrapped up the session in the form of an indecision candle. Friday put in a mildly better performance but still finished off best levels.
Demand at 1.2212/1.2075 remains in sight as the next point of interest to the downside.
H4 timeframe:
Supply at 1.2477/1.2438 welcomed price action on Friday, after the unit left Thursday rebounding from trendline support (1.2163) by means of a hammer candlestick pattern, generally viewed as a bullish signal.
Technicians will also note a large demand is present between 1.2147/1.2257.
Beyond current supply, resistance is seen nearby at 1.2520 and at 1.2624.
H1 timeframe:
Friday saw limited impetus derived from dismal US non-farm payrolls data; it wasn’t until the early hours of US trade did we see noteworthy movement. In one fell swoop, H1 price unseated 1.24 and rushed buy-stops above 1.2450. Despite this, price failed to preserve its bullish bias and grinded lower into the close, settling at 1.24, a psychological level that joins closely with a local trendline resistance-turned support (1.2418), another trendline support (1.2266), the 100-period simple moving average (SMA) and a 38.2% Fib level at 1.2391.
Structures of Interest:
Long term:
Monthly price exhibits scope to approach 1.2235 (the top edge of support), while daily price also suggests the possibility of a move to 1.2212 (the upper edge of demand).
Short term:
H4 supply at 1.2477/1.2438 is an area worth watching. A move from here to H4 trendline support (1.2163) is possible. However, traders must also take into account that a fakeout through the current supply could take shape, testing H4 resistance at 1.2520. To a degree, the latter is the more likely route, having seen H1 price testing an area of confluence around 1.24.
As a result of the above, buyers could potentially defend 1.24 today and move higher, with 1.2450 on the hit list as an initial target.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains in motion in May. Neighbouring resistance can be seen in the form of a trendline (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
Upside momentum recently diminished as the pair crossed paths with the 200-day simple moving average (SMA) at 1.2647, a value that boasts a close connection to a demand-turned supply at 1.2649/1.2799.
Thursday attempted to make a comeback, though faltered at highs of 1.2418 and wrapped up the session in the form of an indecision candle. Friday put in a mildly better performance but still finished off best levels.
Demand at 1.2212/1.2075 remains in sight as the next point of interest to the downside.
H4 timeframe:
Supply at 1.2477/1.2438 welcomed price action on Friday, after the unit left Thursday rebounding from trendline support (1.2163) by means of a hammer candlestick pattern, generally viewed as a bullish signal.
Technicians will also note a large demand is present between 1.2147/1.2257.
Beyond current supply, resistance is seen nearby at 1.2520 and at 1.2624.
H1 timeframe:
Friday saw limited impetus derived from dismal US non-farm payrolls data; it wasn’t until the early hours of US trade did we see noteworthy movement. In one fell swoop, H1 price unseated 1.24 and rushed buy-stops above 1.2450. Despite this, price failed to preserve its bullish bias and grinded lower into the close, settling at 1.24, a psychological level that joins closely with a local trendline resistance-turned support (1.2418), another trendline support (1.2266), the 100-period simple moving average (SMA) and a 38.2% Fib level at 1.2391.
Structures of Interest:
Long term:
Monthly price exhibits scope to approach 1.2235 (the top edge of support), while daily price also suggests the possibility of a move to 1.2212 (the upper edge of demand).
Short term:
H4 supply at 1.2477/1.2438 is an area worth watching. A move from here to H4 trendline support (1.2163) is possible. However, traders must also take into account that a fakeout through the current supply could take shape, testing H4 resistance at 1.2520. To a degree, the latter is the more likely route, having seen H1 price testing an area of confluence around 1.24.
As a result of the above, buyers could potentially defend 1.24 today and move higher, with 1.2450 on the hit list as an initial target.
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