Could we see a big GBP recovery?
From the monthly chart, we saw cable plummet to the big 1.2000 support level and bounce off. Each time price has come to this level, buyers have stepped in aggressively, as seen back in 2016, 2017, 2019 and 2020, leading to a massive move to the upside.
On the (H4/H1) intraday timeframes, we saw price go up to 1.2400 then started pulling back, consolidating and found support at 1.2170 which is also the 50% fib retracement of the initial leg up. Buyers held strong here and market formed a tweezer bottom on the daily chart, which is usually a sign of bottoming at this support level.
We could see a breakout of the triangle consolidation and a run towards the highs and resistance at 1.2400
On the (H4/H1) intraday timeframes, we saw price go up to 1.2400 then started pulling back, consolidating and found support at 1.2170 which is also the 50% fib retracement of the initial leg up. Buyers held strong here and market formed a tweezer bottom on the daily chart, which is usually a sign of bottoming at this support level.
We could see a breakout of the triangle consolidation and a run towards the highs and resistance at 1.2400
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