H4 resistance at 1.2520 in view...
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 remains in motion as we transition into June. Neighbouring resistance, should we see an attempt at recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
A few pips south of supply at 1.2649/1.2799 (prior demand), a double-top pattern formed at 1.2647, with May 13 consuming the neckline (April 21 low 1.2247) and establishing a potential take-profit target (purple) around 1.1855.
Recent trade observed a retest at the double-top neckline at 1.2247 unfold. Sellers have so far taken a back seat as price closed a touch off highs at 1.2506 yesterday.
Although this positions the double-top pattern in weak light, sellers may still make a showing. This offers traders an opportunity to sell this market at a healthier risk/reward ratio, as protective stop-loss orders are generally positioned above pattern peaks: 1.2647, or in this case maybe even above current supply at 1.2799.
H4 timeframe:
Partially altered from previous analysis -
After coming within touching distance of healthy demand at 1.2170/1.2204 and trendline support (1.2075), GBP/USD entered into a strong phase of buying, with Monday greeting trendline resistance (1.2163) and a 161.8% Fib ext. level at 1.2491, positioned just ahead of resistance at 1.2520.
H1 timeframe:
Albeit following a period of hesitation around 1.24, Monday saw US trade lift GBP/USD above the noted round number, above 1.2450 and into the walls of supply at 1.2511/1.2482 (houses the 1.25 handle). Note recent buying also hauled the RSI into overbought territory.
Structures of Interest:
As noted in recent analysis, monthly holds 1.1904/1.2235, despite positioned against the major trend.
Sellers on the daily timeframe, basing analysis on the double-top pattern, still have a hand in the fight despite offering a fragile outlook right now.
Buyers and sellers on the H4 timeframe are seen squaring off at trendline resistance/161.8% Fib ext. level at 1.2491. Note resistance at 1.2520 may also play a role.
H1 supply at 1.2511/1.2482, along with the round number 1.25, holds ground at the moment. In spite of the base uniting with H4 resistance structure, a whipsaw to H4 resistance at 1.2520 is a potential intraday scenario to watch for today. A rejection here may encourage a wave of selling, with 1.2450 set as an initial target on the H1.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 remains in motion as we transition into June. Neighbouring resistance, should we see an attempt at recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
A few pips south of supply at 1.2649/1.2799 (prior demand), a double-top pattern formed at 1.2647, with May 13 consuming the neckline (April 21 low 1.2247) and establishing a potential take-profit target (purple) around 1.1855.
Recent trade observed a retest at the double-top neckline at 1.2247 unfold. Sellers have so far taken a back seat as price closed a touch off highs at 1.2506 yesterday.
Although this positions the double-top pattern in weak light, sellers may still make a showing. This offers traders an opportunity to sell this market at a healthier risk/reward ratio, as protective stop-loss orders are generally positioned above pattern peaks: 1.2647, or in this case maybe even above current supply at 1.2799.
H4 timeframe:
Partially altered from previous analysis -
After coming within touching distance of healthy demand at 1.2170/1.2204 and trendline support (1.2075), GBP/USD entered into a strong phase of buying, with Monday greeting trendline resistance (1.2163) and a 161.8% Fib ext. level at 1.2491, positioned just ahead of resistance at 1.2520.
H1 timeframe:
Albeit following a period of hesitation around 1.24, Monday saw US trade lift GBP/USD above the noted round number, above 1.2450 and into the walls of supply at 1.2511/1.2482 (houses the 1.25 handle). Note recent buying also hauled the RSI into overbought territory.
Structures of Interest:
As noted in recent analysis, monthly holds 1.1904/1.2235, despite positioned against the major trend.
Sellers on the daily timeframe, basing analysis on the double-top pattern, still have a hand in the fight despite offering a fragile outlook right now.
Buyers and sellers on the H4 timeframe are seen squaring off at trendline resistance/161.8% Fib ext. level at 1.2491. Note resistance at 1.2520 may also play a role.
H1 supply at 1.2511/1.2482, along with the round number 1.25, holds ground at the moment. In spite of the base uniting with H4 resistance structure, a whipsaw to H4 resistance at 1.2520 is a potential intraday scenario to watch for today. A rejection here may encourage a wave of selling, with 1.2450 set as an initial target on the H1.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.