This pair has been under pressure both by Brexit and PM Johnson as well as the ever increasing foolishness from the White House. Buyers have come in on the monthly but have not been that convincing on this timeframe. The weekly has printed an evening star candle pattern aligning with previous structure lows from late 2018. The daily is giving us some seller exhaustion but not as much consolidation as we saw on GbpJpy. The candles are also sitting at an area that would suggest GbpUsd may fly (double bottom with a retest of the neckline). Moving to the 4H, we see a clear statement from the buyers and this collection of confluence has me leaning long at the moment but I would like to see price break structure before getting in any positions.
Comment:
Still roughly 7hrs of price action to go but the daily is definitely showing exhaustion from the sellers. Buying targets would be 1.25 and then 1.275