An intraday bounce from H4 demand at 1.2525/1.2575?
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 in June, with the month currently recording gains of more than 2% despite facing long-term trendline resistance (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Off best levels a touch ahead of supply from 1.3021/1.2844 on Wednesday witnessed GBP/USD dive more than 1% Thursday, causing an enthusiastic move back through the 200-day simple moving average at 1.2678.
Not only did recent selling pull the RSI indicator from overbought status, it shines light on demand at 1.2192/1.2361, essentially representing the decision point to crack 1.2647 (April 14 high).
H4 timeframe:
Early Asia Friday nudged H4 into demand made up from 1.2525/1.2575, an area aligning with trendline support (1.2163). What’s appealing about this demand is the sell-stops tripped on approach beneath local bottoms around 1.2617.
H1 timeframe:
Early Asia on the H1 timeframe has sellers governing control under 1.26, with eyes on demand at 1.2527/1.2550. This is a particularly important intraday zone as it was effectively the decision point to drive into 1.25 on June 4. The concern for buyers at this area, however, is the threat of a whipsaw to 1.25.
Structures of Interest:
Monthly trendline resistance recently made an entrance, which, owing to the long-term downtrend, appears to be capping upside. Breaking through the 200-day SMA on the daily timeframe certainly adds weight to additional losses.
An intraday bounce from H4 demand at 1.2525/1.2575 is in the offing, particularly at the aligning trendline, which essentially combines with H1 demand at 1.2527/1.2550. Though do be aware a whipsaw to 1.25 here is possible.
Short plays, based on higher-timeframe direction, likely appeal under 1.25 on the H1, void of support until 1.2450.
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 in June, with the month currently recording gains of more than 2% despite facing long-term trendline resistance (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Off best levels a touch ahead of supply from 1.3021/1.2844 on Wednesday witnessed GBP/USD dive more than 1% Thursday, causing an enthusiastic move back through the 200-day simple moving average at 1.2678.
Not only did recent selling pull the RSI indicator from overbought status, it shines light on demand at 1.2192/1.2361, essentially representing the decision point to crack 1.2647 (April 14 high).
H4 timeframe:
Early Asia Friday nudged H4 into demand made up from 1.2525/1.2575, an area aligning with trendline support (1.2163). What’s appealing about this demand is the sell-stops tripped on approach beneath local bottoms around 1.2617.
H1 timeframe:
Early Asia on the H1 timeframe has sellers governing control under 1.26, with eyes on demand at 1.2527/1.2550. This is a particularly important intraday zone as it was effectively the decision point to drive into 1.25 on June 4. The concern for buyers at this area, however, is the threat of a whipsaw to 1.25.
Structures of Interest:
Monthly trendline resistance recently made an entrance, which, owing to the long-term downtrend, appears to be capping upside. Breaking through the 200-day SMA on the daily timeframe certainly adds weight to additional losses.
An intraday bounce from H4 demand at 1.2525/1.2575 is in the offing, particularly at the aligning trendline, which essentially combines with H1 demand at 1.2527/1.2550. Though do be aware a whipsaw to 1.25 here is possible.
Short plays, based on higher-timeframe direction, likely appeal under 1.25 on the H1, void of support until 1.2450.