Will GBP still climb higher this week again the USD?
The GBPUSD pair has been making higher highs and higher lows after finding support around 1.20750 USD towards the end of October 2023 following a fierce sell off.
Price is moving in a corrective rising channel and is forecasted to keep climbing to test the 1.27130 ~ 1.27460 USD zone. This zone sits nicely around the 61.80% Fibonacci retracement level of the Impulsive sell-off on the 'WEEKLY time frame' where resistance is expected and Bears may start pushing prices lower to 1.25500 USD.
At this area (1.25500 USD), It is probable that price breaks out of the channel and becomes corrective on the lower time frames shortly before being pushed further lower towards 1.21200 USD and beyond.
Since anything can happen with the market, another "possible" side of the coin is that of the GBP bulls still flexing their muscles around 1.25500 USD to punch prices higher to test the highs of July 2023 around the 1.31260 ~ 1.31420 USD zone, however this move may need to be approached with extreme caution and proper risk management.
Based on the above analysis, opening trades between 1.26000 and 1.27120 USD is adviced against unless it's for quick scalping purposes.
GBP Sentiments for this WEEK: Bullish
Price is moving in a corrective rising channel and is forecasted to keep climbing to test the 1.27130 ~ 1.27460 USD zone. This zone sits nicely around the 61.80% Fibonacci retracement level of the Impulsive sell-off on the 'WEEKLY time frame' where resistance is expected and Bears may start pushing prices lower to 1.25500 USD.
At this area (1.25500 USD), It is probable that price breaks out of the channel and becomes corrective on the lower time frames shortly before being pushed further lower towards 1.21200 USD and beyond.
Since anything can happen with the market, another "possible" side of the coin is that of the GBP bulls still flexing their muscles around 1.25500 USD to punch prices higher to test the highs of July 2023 around the 1.31260 ~ 1.31420 USD zone, however this move may need to be approached with extreme caution and proper risk management.
Based on the above analysis, opening trades between 1.26000 and 1.27120 USD is adviced against unless it's for quick scalping purposes.
GBP Sentiments for this WEEK: Bullish