H4 bearish ABCD into supply, anyone?
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 and long-term trendline resistance (1.7191) offers clear structure to work with on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Buyers and sellers have been mingling below the 200-day simple moving average at 1.2697 since July 9. Yesterday’s action, however, produced a dominant bull candle, driving things to within a stone’s throw away from the aforesaid simple moving average.
Demand at 1.2192/1.2361 remains in view, as does supply from 1.3021/1.2844, situated above the aforesaid simple moving average.
H4 timeframe:
Partially altered from previous analysis -
After splitting channel support (1.2257) on the H4 timeframe, two core areas became available, demand at 1.2462/1.2506 and supply from 1.2720/1.2682. The former already made its presence known last Tuesday, generously rebounding price by way of a bullish engulfing candle. The latter, thanks to Monday’s bullish ascent, could make an entrance today and complete an ABCD bearish configuration at 1.2685.
H1 timeframe:
Monday settled north of 1.2650 resistance, following a decisive push through 1.2550 resistance, the 100-period simple moving average and 1.26 level.
Technicians also may find use in noting 1.2650 was recently retested as support and produced a hammer candlestick signal, considered a bullish pattern. GBP/USD swinging higher from this point has peaks at 1.2685 in view, followed by the 1.27 level.
Structures of Interest:
Monthly price is currently sandwiched between trendline resistance and support from 1.1904/1.2235, though the former is close to welcoming the pair.
The 200-day simple moving average at 1.2697 is on the radar as potential resistance from the daily timeframe.
H1 candles are signalling the possibility of a continuation move north of 1.2650 today. Should the pair advance, intraday buyers may look to get involved. The H4 ABCD completion at 1.2685 represents an initial target, followed by the 200-day simple moving average at 1.2697. The target areas, encased within H4 supply at 1.2720/1.2682, also represent potential reversal zones for sellers.
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 and long-term trendline resistance (1.7191) offers clear structure to work with on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Buyers and sellers have been mingling below the 200-day simple moving average at 1.2697 since July 9. Yesterday’s action, however, produced a dominant bull candle, driving things to within a stone’s throw away from the aforesaid simple moving average.
Demand at 1.2192/1.2361 remains in view, as does supply from 1.3021/1.2844, situated above the aforesaid simple moving average.
H4 timeframe:
Partially altered from previous analysis -
After splitting channel support (1.2257) on the H4 timeframe, two core areas became available, demand at 1.2462/1.2506 and supply from 1.2720/1.2682. The former already made its presence known last Tuesday, generously rebounding price by way of a bullish engulfing candle. The latter, thanks to Monday’s bullish ascent, could make an entrance today and complete an ABCD bearish configuration at 1.2685.
H1 timeframe:
Monday settled north of 1.2650 resistance, following a decisive push through 1.2550 resistance, the 100-period simple moving average and 1.26 level.
Technicians also may find use in noting 1.2650 was recently retested as support and produced a hammer candlestick signal, considered a bullish pattern. GBP/USD swinging higher from this point has peaks at 1.2685 in view, followed by the 1.27 level.
Structures of Interest:
Monthly price is currently sandwiched between trendline resistance and support from 1.1904/1.2235, though the former is close to welcoming the pair.
The 200-day simple moving average at 1.2697 is on the radar as potential resistance from the daily timeframe.
H1 candles are signalling the possibility of a continuation move north of 1.2650 today. Should the pair advance, intraday buyers may look to get involved. The H4 ABCD completion at 1.2685 represents an initial target, followed by the 200-day simple moving average at 1.2697. The target areas, encased within H4 supply at 1.2720/1.2682, also represent potential reversal zones for sellers.
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