1.24 is potentially of interest as support
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels 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 in motion in May. Neighbouring resistance can be seen in the form of a trendline (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 -
Upside momentum recently diminished as the pair crossed paths with the 200-day simple moving average (SMA) at 1.2647, a value that boasts a close connection to a demand-turned supply at 1.2649/1.2799.
Thursday attempted to make a comeback, though faltered at highs of 1.2418 and wrapped up the session in the form of an indecision candle. Friday put in a mildly better performance but still finished off best levels.
Demand at 1.2212/1.2075 remains in sight as the next point of interest to the downside.
H4 timeframe:
Supply at 1.2477/1.2438 welcomed price action on Friday, after the unit left Thursday rebounding from trendline support (1.2163) by means of a hammer candlestick pattern, generally viewed as a bullish signal.
Technicians will also note a large demand is present between 1.2147/1.2257.
Beyond current supply, resistance is seen nearby at 1.2520 and at 1.2624.
H1 timeframe:
Friday saw limited impetus derived from dismal US non-farm payrolls data; it wasn’t until the early hours of US trade did we see noteworthy movement. In one fell swoop, H1 price unseated 1.24 and rushed buy-stops above 1.2450. Despite this, price failed to preserve its bullish bias and grinded lower into the close, settling at 1.24, a psychological level that joins closely with a local trendline resistance-turned support (1.2418), another trendline support (1.2266), the 100-period simple moving average (SMA) and a 38.2% Fib level at 1.2391.
Structures of Interest:
Long term:
Monthly price exhibits scope to approach 1.2235 (the top edge of support), while daily price also suggests the possibility of a move to 1.2212 (the upper edge of demand).
Short term:
H4 supply at 1.2477/1.2438 is an area worth watching. A move from here to H4 trendline support (1.2163) is possible. However, traders must also take into account that a fakeout through the current supply could take shape, testing H4 resistance at 1.2520. To a degree, the latter is the more likely route, having seen H1 price testing an area of confluence around 1.24.
As a result of the above, buyers could potentially defend 1.24 today and move higher, with 1.2450 on the hit list as an initial target.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Although March clocked levels 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 in motion in May. Neighbouring resistance can be seen in the form of a trendline (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 -
Upside momentum recently diminished as the pair crossed paths with the 200-day simple moving average (SMA) at 1.2647, a value that boasts a close connection to a demand-turned supply at 1.2649/1.2799.
Thursday attempted to make a comeback, though faltered at highs of 1.2418 and wrapped up the session in the form of an indecision candle. Friday put in a mildly better performance but still finished off best levels.
Demand at 1.2212/1.2075 remains in sight as the next point of interest to the downside.
H4 timeframe:
Supply at 1.2477/1.2438 welcomed price action on Friday, after the unit left Thursday rebounding from trendline support (1.2163) by means of a hammer candlestick pattern, generally viewed as a bullish signal.
Technicians will also note a large demand is present between 1.2147/1.2257.
Beyond current supply, resistance is seen nearby at 1.2520 and at 1.2624.
H1 timeframe:
Friday saw limited impetus derived from dismal US non-farm payrolls data; it wasn’t until the early hours of US trade did we see noteworthy movement. In one fell swoop, H1 price unseated 1.24 and rushed buy-stops above 1.2450. Despite this, price failed to preserve its bullish bias and grinded lower into the close, settling at 1.24, a psychological level that joins closely with a local trendline resistance-turned support (1.2418), another trendline support (1.2266), the 100-period simple moving average (SMA) and a 38.2% Fib level at 1.2391.
Structures of Interest:
Long term:
Monthly price exhibits scope to approach 1.2235 (the top edge of support), while daily price also suggests the possibility of a move to 1.2212 (the upper edge of demand).
Short term:
H4 supply at 1.2477/1.2438 is an area worth watching. A move from here to H4 trendline support (1.2163) is possible. However, traders must also take into account that a fakeout through the current supply could take shape, testing H4 resistance at 1.2520. To a degree, the latter is the more likely route, having seen H1 price testing an area of confluence around 1.24.
As a result of the above, buyers could potentially defend 1.24 today and move higher, with 1.2450 on the hit list as an initial target.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.