Hello traders,
This is the Daily chart!
Looking at the daily chart, it appears that the bullish move starting in October is likely a correction. A more bearish move is anticipated in the long term.
Introduction:
This analysis focuses on the mid-term outlook for GBP/USD, examining supply and demand dynamics. Stay tuned for intraday updates throughout the week, and be prepared for potential market reactions to the upcoming USA Gross Domestic Product (GDP) release on Thursday.
Technical Analysis:
Bullish Move as a Correction:
The recent bullish move from October seems corrective rather than indicative of a sustained trend.
Trade Setup:
Yellow Zone Breakout:
If the price breaks below the yellow zone, consider this as a potential signal for further bearish movement.
Next Resistance: 1.2900 could act as the next resistance level.
Continuation of Recent Bearish Move:
Anticipate a potential reversal from the 1.2510 level if the recent bearish move continues.
Breaking below 1.2390 could signify a change in the long-term trend, aligning with the overall bearish outlook.
This is the Daily chart!
Looking at the daily chart, it appears that the bullish move starting in October is likely a correction. A more bearish move is anticipated in the long term.
Introduction:
This analysis focuses on the mid-term outlook for GBP/USD, examining supply and demand dynamics. Stay tuned for intraday updates throughout the week, and be prepared for potential market reactions to the upcoming USA Gross Domestic Product (GDP) release on Thursday.
Technical Analysis:
Bullish Move as a Correction:
The recent bullish move from October seems corrective rather than indicative of a sustained trend.
Trade Setup:
Yellow Zone Breakout:
If the price breaks below the yellow zone, consider this as a potential signal for further bearish movement.
Next Resistance: 1.2900 could act as the next resistance level.
Continuation of Recent Bearish Move:
Anticipate a potential reversal from the 1.2510 level if the recent bearish move continues.
Breaking below 1.2390 could signify a change in the long-term trend, aligning with the overall bearish outlook.