GBPUSD
Because of the strong dollar the cable has felled to the one week low while i am typing this analysis. As it faces major rejection around 1.37400 level and the upper side of the trend line was also acting as barrier for the bullish run and we can see a Head and shoulder pattern around 1.37400 level we can expect further downside momentum towards the lower...
broke through the level.
There is no reaction from buyers.
It all started to look like a false-break.
local vision:
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Critical Zone
1.37 seems to be M,W,D rejection point.
Still trapped in Rising Wedge
but another Falling Wedge can also be seen.
Just wait for another M,W candle to close.
we'll have proper direction then.
Brexit Deals are currently taken place
plus it's end of 2020.
Anything is possible but if holds then
another Bearish Possibility due to another
varient of Covid...
The last uptrend has ended in the 1.3746 range and the price has started a downtrend, the convergence in the RSI is obvious, by crossing the price from the range of 1.3446 we can get the main confirmation for the decline up to the range of 1.3132.
Needless to say, we must note that according to the descending scenario, in the weekly time frame the price reduction...
There is the probability that the last wave from the uptrend is under completion, which could continue up to the target of 1.3800. However, to get the main confirmation for the completion of the Diagonal pattern, the price should cross the end of wave IV (The range of 1.3446).
When it comes to Gbp, one thing was clear, it was very hard to trade on short term.
If we try to see the forest from the trees though, things will become more clear.
The pair was in a multi-year downtrend from 2007 and once we have the Brexit announcement, GbpUsd broke under 1.4 important support. With the normal ups and downs, the pair continued its drop and also...
Looking into GBPUSD, Fading hopes for a post brexit deal caused some fresh selling for the cable currency on Thursday.
We clearly see that GBPUSD rejected 1.35400 level, this is actually bad for the cable because historically we find out that the pair slowly slides and dives down from this area.
While long term, I see GBPUSD coming to the lows of 1.27 in the...
Disclaimer:
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions. this is no signal. it's my opinion. trade your own risk. and Must Follow Money...
GBPUSD have been struggling breaking and holding above 1.37 mark, seeing momentum getting stronger across higher time frames and market is testing the level 4th time now, seeing scope for a breakout and possible intra-day move to 1.3780.
All the best.
