Technical outlook on GBP/USD...
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March saw lows not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains relevant in April, despite recent moves to said lows. Nearby resistance can be seen in the form of a trendline formation (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis –
Supply at 1.2509/1.2372 and demand coming in from 1.2212/1.2075 remain dominant fixtures on this timeframe, with the former handling price action Wednesday and Thursday.
Outside of the current formation, demand-turned supply forms at 1.2649/1.2799 which has its lower edge aligned with a 200-day SMA value at 1.2648, whereas a breach to the downside could eventually have candles test the 1.15 neighbourhood: trendline supports.
The RSI indicator continues to hover around its mid-way point at 50.00.
H4 timeframe:
Sterling chalked up its third successive daily gain Thursday amid a declining buck, with price action topping just ahead of supply fixed at 1.2622/1.2517, which merges with a 61.8% Fib retracement level at 1.2499.
Candlestick analysis reveals the unit recently printed back-to-back shooting star formations – considered bearish signals. Although this may appeal, the possibility of a pop into the supply zone mentioned above is a strong possibility.
H1 timeframe:
After a to-the-point retest at 1.24 formed heading into US trade Thursday, GBP/USD bulls went on the offensive, leaping to familiar supply at 1.2520/1.2455, which houses the 1.25 handle. The remainder of the US session, as you can see, produced little, confined within a narrow range between 1.2481/1.2439.
Should buyers regain consciousness, 1.25 will have its mettle tested, with a break exposing another layer of supply posted at 1.2610/1.2549, which contains the 1.26 handle within its upper limit.
Structures of Interest:
In a nutshell we have monthly buyers attempting to regain a foothold off 1.1904/1.2235, daily price consequently attacking the upper limit of supply at 1.2509/1.2372, H4 showing room to pop higher before reaching supply at 1.2622/1.2517 and H1 price meandering within the walls of supply at 1.2520/1.2455.
Sellers may make a showing if we test H4 supply (specifically H1 supply 1.2610/1.2549 as this area is contained within), though as of current price levels, buyers appear to have the upper hand.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March saw lows not seen since the 1980s, ahead of a 127.2% Fib ext. level at 1.1297, price staged an impressive recovery and regained approximately 80% of the month’s losses.
Support at 1.1904/1.2235 remains relevant in April, despite recent moves to said lows. Nearby resistance can be seen in the form of a trendline formation (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis –
Supply at 1.2509/1.2372 and demand coming in from 1.2212/1.2075 remain dominant fixtures on this timeframe, with the former handling price action Wednesday and Thursday.
Outside of the current formation, demand-turned supply forms at 1.2649/1.2799 which has its lower edge aligned with a 200-day SMA value at 1.2648, whereas a breach to the downside could eventually have candles test the 1.15 neighbourhood: trendline supports.
The RSI indicator continues to hover around its mid-way point at 50.00.
H4 timeframe:
Sterling chalked up its third successive daily gain Thursday amid a declining buck, with price action topping just ahead of supply fixed at 1.2622/1.2517, which merges with a 61.8% Fib retracement level at 1.2499.
Candlestick analysis reveals the unit recently printed back-to-back shooting star formations – considered bearish signals. Although this may appeal, the possibility of a pop into the supply zone mentioned above is a strong possibility.
H1 timeframe:
After a to-the-point retest at 1.24 formed heading into US trade Thursday, GBP/USD bulls went on the offensive, leaping to familiar supply at 1.2520/1.2455, which houses the 1.25 handle. The remainder of the US session, as you can see, produced little, confined within a narrow range between 1.2481/1.2439.
Should buyers regain consciousness, 1.25 will have its mettle tested, with a break exposing another layer of supply posted at 1.2610/1.2549, which contains the 1.26 handle within its upper limit.
Structures of Interest:
In a nutshell we have monthly buyers attempting to regain a foothold off 1.1904/1.2235, daily price consequently attacking the upper limit of supply at 1.2509/1.2372, H4 showing room to pop higher before reaching supply at 1.2622/1.2517 and H1 price meandering within the walls of supply at 1.2520/1.2455.
Sellers may make a showing if we test H4 supply (specifically H1 supply 1.2610/1.2549 as this area is contained within), though as of current price levels, buyers appear to have the upper hand.
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