A H1 close above 1.23 may be of interest to breakout buyers
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 play this month, 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 -
Demand-turned supply at 1.2649/1.2799, an area that aligns with a 200-day simple moving average (SMA) at 1.2647, remains a dominant fixture to the upside on this timeframe.
Demand at 1.2509/1.2372 ceded ground Tuesday in reasonably dominant fashion, which may see nearby demand at 1.2212/1.2075 come under fire today.
H4 timeframe:
Despite taking out a portion of buy-stop liquidity north of supply at 1.2622/1.2517 last Tuesday, sellers remained in the driving seat and, as you can see, recently welcomed demand at 1.2147/1.2257 back into the frame. This is a reasonably dominant base that’s held price action higher on two occasions in recent trade. However, breaking through this demand, although it will appeal to breakout sellers, may have its move hampered by daily demand mentioned above at 1.2212/1.2075.
H1 timeframe:
According to recent price movement on the H1 timeframe, we dipped through orders at 1.23 Tuesday and addressed demand at 1.2218/1.2250. Accompanied by an oversold RSI signal, we saw price bottom and grasp 1.23. Above here, demand-turned supply exists at 1.2375/1.2352, with a violation exposing 1.24.
Structures of Interest:
Monthly price is seen holding north of support at 1.1904/1.2235, albeit in the shape of a bearish candle.
Daily price appears poised to approach demand from 1.2212/1.2075.
Intraday flow has H4 price testing 1.2147/1.2257, which could, technically speaking, be enough to pull the H1 candles above 1.23 towards demand-turned supply at 1.2375/1.2352. Thus, a H1 close above 1.23 may be of interest to breakout buyers today.
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 play this month, 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 -
Demand-turned supply at 1.2649/1.2799, an area that aligns with a 200-day simple moving average (SMA) at 1.2647, remains a dominant fixture to the upside on this timeframe.
Demand at 1.2509/1.2372 ceded ground Tuesday in reasonably dominant fashion, which may see nearby demand at 1.2212/1.2075 come under fire today.
H4 timeframe:
Despite taking out a portion of buy-stop liquidity north of supply at 1.2622/1.2517 last Tuesday, sellers remained in the driving seat and, as you can see, recently welcomed demand at 1.2147/1.2257 back into the frame. This is a reasonably dominant base that’s held price action higher on two occasions in recent trade. However, breaking through this demand, although it will appeal to breakout sellers, may have its move hampered by daily demand mentioned above at 1.2212/1.2075.
H1 timeframe:
According to recent price movement on the H1 timeframe, we dipped through orders at 1.23 Tuesday and addressed demand at 1.2218/1.2250. Accompanied by an oversold RSI signal, we saw price bottom and grasp 1.23. Above here, demand-turned supply exists at 1.2375/1.2352, with a violation exposing 1.24.
Structures of Interest:
Monthly price is seen holding north of support at 1.1904/1.2235, albeit in the shape of a bearish candle.
Daily price appears poised to approach demand from 1.2212/1.2075.
Intraday flow has H4 price testing 1.2147/1.2257, which could, technically speaking, be enough to pull the H1 candles above 1.23 towards demand-turned supply at 1.2375/1.2352. Thus, a H1 close above 1.23 may be of interest to breakout buyers today.