TradingView
RLinda
Sep 16, 2022 8:56 AM

RLinda ! GBPUSD-> Testing strong support. What's next?  Long

British Pound/U.S. DollarFXCM

Description

GBPUSD price is falling from the 1.17600 zone by 3.4% - this is a strong move for the currency market. The fundamental situation does not give a clear picture, as important events will take place only next week, and the dollar keeps getting stronger

From the technical analysis point of view: the price in the global situation is in the area where a pullback can be expected. We can see that the GBP is testing the strong support line, which has started its formation from the end of 2021, as well as the "descending wedge" pattern is forming, and it is possible that the price in the long-term can break through the resistance and start to recover.

I assume, as the price was in a downtrend for a long time and in a year and a half has reached a strong support level of 1.1447, it will be difficult to break through this strong zone from the first time. I expect a pullback of the price and fixation above the level of 1.1447. The short-term target in this situation is the resistance level of 1.16000.

Regards R.Linda!
Comments
artotrading
good analysis thanks!
bestfarbit74
possible scenario, thanks for sharing
MadWhale

we can see more gain madam agree with u
ArmanShabanTrading
It's possible 👍🏼
SwallowPremium
Thanks for sharing, definitely a possible scenario!
AIRFOREXONE_
I personally keep my bearish idea bs of the rates
AlgoTradingGroup
Great view on GBPUSD for those looking to buy. Long term we are looking at bearish bias. Here is our view
MiriamRapoport
Thanks for sharing!
RLinda
Agree?
More