Upside possible - 1.25 in the offing as support?
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 and long-term trendline resistance (1.7191) remain in view, with the latter so far prompting a reasonably attractive upper shadow this month.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008. Consequently, this places 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
GBP/USD bulls extended recovery gains Tuesday, following Monday’s stronger-than-expected rotation off demand at 1.2192/1.2361. This, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point to break 1.2647 (April 14 high).
Should the pair retain its underlying bid, the 200-day simple moving average at 1.2684 will likely surface as resistance. Lifting beyond here, nonetheless, could take things to supply drawn from 1.3021/1.2844.
H4 timeframe:
Recent upside has lifted H4 to within touching distance of supply coming in from 1.2652/1.2544. This area holds a large range which captures resistance at 1.2629 within its upper boundary.
H1 timeframe:
After entering a phase of consolidation between 1.25 (trendline resistance) and 1.2450, buyers stepped in early US Tuesday and toppled the upper edge of the aforesaid range.
To the left of price action above 1.25, research has noted limited active supply (purple), suggesting the likelihood of an approach towards 1.26.
Interestingly, indicator-based traders will note the RSI printing regular bearish divergence.
Structures of Interest:
Having noted room for buyers to march higher on the daily timeframe until 1.2684, this could send H1 candles to 1.26 today which will see H4 action explore higher levels within supply at 1.2652/1.2544.
On account of the analysis, a retest at 1.25 may materialise today, albeit with the possibility of a whipsaw to trendline support (prior resistance – 1.2813), taking aim at 1.26.
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 and long-term trendline resistance (1.7191) remain in view, with the latter so far prompting a reasonably attractive upper shadow this month.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008. Consequently, this places 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
GBP/USD bulls extended recovery gains Tuesday, following Monday’s stronger-than-expected rotation off demand at 1.2192/1.2361. This, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point to break 1.2647 (April 14 high).
Should the pair retain its underlying bid, the 200-day simple moving average at 1.2684 will likely surface as resistance. Lifting beyond here, nonetheless, could take things to supply drawn from 1.3021/1.2844.
H4 timeframe:
Recent upside has lifted H4 to within touching distance of supply coming in from 1.2652/1.2544. This area holds a large range which captures resistance at 1.2629 within its upper boundary.
H1 timeframe:
After entering a phase of consolidation between 1.25 (trendline resistance) and 1.2450, buyers stepped in early US Tuesday and toppled the upper edge of the aforesaid range.
To the left of price action above 1.25, research has noted limited active supply (purple), suggesting the likelihood of an approach towards 1.26.
Interestingly, indicator-based traders will note the RSI printing regular bearish divergence.
Structures of Interest:
Having noted room for buyers to march higher on the daily timeframe until 1.2684, this could send H1 candles to 1.26 today which will see H4 action explore higher levels within supply at 1.2652/1.2544.
On account of the analysis, a retest at 1.25 may materialise today, albeit with the possibility of a whipsaw to trendline support (prior resistance – 1.2813), taking aim at 1.26.
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