What to expect from GBPUSD at multi-year lows
GBPUSD bears have dominated the market so aggressively over the past 14 months. The Russia/ Ukraine war, Socio-economic tensions, and the successive FED interest rate hikes have only served to accelerate this sell-off.
However, price has reached a pivot as it bounced off 1.1500 psychological level which is also a double bottom pattern on both the Weekly and Monthly charts. To put things into perspective, you'd have to go back to April 1985 to get a lower price than this current level! This is way before the market even became deregulated for retail trading! This level could serve as a profit taking level which could attract some Bullish price action in the coming days
The Daily chart also hit a Descending Channel support which intersects the key level support.
We have had successive bearish BOS on the H1. Before I go long, I will like to have a shift in direction signified by a CHOCH then a pullback to a H1 demand level
However, price has reached a pivot as it bounced off 1.1500 psychological level which is also a double bottom pattern on both the Weekly and Monthly charts. To put things into perspective, you'd have to go back to April 1985 to get a lower price than this current level! This is way before the market even became deregulated for retail trading! This level could serve as a profit taking level which could attract some Bullish price action in the coming days
The Daily chart also hit a Descending Channel support which intersects the key level support.
We have had successive bearish BOS on the H1. Before I go long, I will like to have a shift in direction signified by a CHOCH then a pullback to a H1 demand level
Comment:
As expected a CHOCH on the H1 has been spotted. I await the pullback then a good entry to go long