Interesting price action visible on GBP/USD, traders...
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Though under pressure, support at 1.1904/1.2235 remains in motion in May. Neighbouring resistance, should we see an attempt at recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
A few pips south of supply at 1.2649/1.2799 (prior demand), a double-top pattern formed at 1.2647, with May 13 consuming the neckline (April 21 low 1.2247) and establishing a potential take-profit target (purple) around 1.1855.
In recent sessions, the double-top neckline at 1.2247 has had its nerve tested. However, recent buying does not imply the double-top pattern will fail; what it does mean, though, is traders are able to sell this market at a healthier risk/reward ratio, as protective stop-loss orders are generally positioned above pattern peaks: 1.2647.
H4 timeframe:
Sterling sunk vs. the greenback on Wednesday, hurling candle action to lows at 1.2204, a whisker short of healthy demand from 1.2170/1.2204 and trendline support (1.2075). Breaking lower here possibly liberates sellers, with limited demand visible on this timeframe until channel support (prior resistance – 1.2643).
H1 timeframe:
Heading into US trade Wednesday witnessed a pronounced intraday sell-off, a move that ousted 1.23, demand at 1.2295/1.2266 and the 100-period simple moving average. Momentum slowed, however, once the pair linked with demand (prior supply) at 1.2220/1.2199, consequently tempting buyers back into the market.
1.2295/1.2266 stands as possible supply today, though it is also worth taking into account we could see a whipsaw form to 1.23 here.
Structures of Interest:
Monthly price holds 1.1904/1.2235, despite positioned against the major trend.
Sellers on the daily timeframe still have a hand in the fight around the double-top resistance neckline at 1.2247.
H4 price formed a bottom a few pips shy of demand at 1.2170/1.2204 and trendline support.
H1 price lurks under supply at 1.2295/1.2266 after rebounding from demand at 1.2220/1.2199.
In a nutshell, monthly and H4 price suggest buyers may govern movement, while daily and H1 price indicate we could be navigating lower levels today.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Though under pressure, support at 1.1904/1.2235 remains in motion in May. Neighbouring resistance, should we see an attempt at recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis -
A few pips south of supply at 1.2649/1.2799 (prior demand), a double-top pattern formed at 1.2647, with May 13 consuming the neckline (April 21 low 1.2247) and establishing a potential take-profit target (purple) around 1.1855.
In recent sessions, the double-top neckline at 1.2247 has had its nerve tested. However, recent buying does not imply the double-top pattern will fail; what it does mean, though, is traders are able to sell this market at a healthier risk/reward ratio, as protective stop-loss orders are generally positioned above pattern peaks: 1.2647.
H4 timeframe:
Sterling sunk vs. the greenback on Wednesday, hurling candle action to lows at 1.2204, a whisker short of healthy demand from 1.2170/1.2204 and trendline support (1.2075). Breaking lower here possibly liberates sellers, with limited demand visible on this timeframe until channel support (prior resistance – 1.2643).
H1 timeframe:
Heading into US trade Wednesday witnessed a pronounced intraday sell-off, a move that ousted 1.23, demand at 1.2295/1.2266 and the 100-period simple moving average. Momentum slowed, however, once the pair linked with demand (prior supply) at 1.2220/1.2199, consequently tempting buyers back into the market.
1.2295/1.2266 stands as possible supply today, though it is also worth taking into account we could see a whipsaw form to 1.23 here.
Structures of Interest:
Monthly price holds 1.1904/1.2235, despite positioned against the major trend.
Sellers on the daily timeframe still have a hand in the fight around the double-top resistance neckline at 1.2247.
H4 price formed a bottom a few pips shy of demand at 1.2170/1.2204 and trendline support.
H1 price lurks under supply at 1.2295/1.2266 after rebounding from demand at 1.2220/1.2199.
In a nutshell, monthly and H4 price suggest buyers may govern movement, while daily and H1 price indicate we could be navigating lower levels today.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.