GBPUSD- 07Mar2022
GBPUSD- 07Mar2022
On the weekly, GBPUSD bounced and faced bearish pressure from the trendline resistance. It closed below previous week's low. In the bigger picture, price is trending down in a channel. For this week, we could expect price to drop to test 200MA at around 1.31180.
On the H4, GBP broke down from the triangle pattern with further downside target to around 1.30500. Price action broke below previous sideway consolidation support level at around 1.33000. With Stochastic at support, GBPUSD could potentially have a short-term bounce from 1st Support at 1.31505 to 1st Resistance at 1.33140.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, GBPUSD bounced and faced bearish pressure from the trendline resistance. It closed below previous week's low. In the bigger picture, price is trending down in a channel. For this week, we could expect price to drop to test 200MA at around 1.31180.
On the H4, GBP broke down from the triangle pattern with further downside target to around 1.30500. Price action broke below previous sideway consolidation support level at around 1.33000. With Stochastic at support, GBPUSD could potentially have a short-term bounce from 1st Support at 1.31505 to 1st Resistance at 1.33140.
This is for personal record purposes only, not financial advise or solicitation of trade.
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