GBPUSD Weekly Technical Outlook
The GBPUSD market operation on the weekly time frame printed an indecision candlestick at the 1.25640 horizonal support area last week. Presently, the market operation is at the lower trendline of a rising wedge (red), within which it has been consolidating for several weeks.
GBPUSD price action on the daily time frame went sideways below a rising wedge (red) on Friday after a bearish breakdown on Thursday. Technical impulse favours bears more than bulls. Nevertheless, we may still see a northward retest of an intra-day area of value before a southward turnaround.
At the latter part of Friday’s session, GBPUSD price action on the H4 time frame went sideways at the lower trendline of a rising wedge (red) within which it has been consolidating after a bullish pullback of a bearish breakdown on Thursday. Although we cannot rule out a northward move to retest an intra-day area of value, the dominant technical structure is bearish
I may be wrong. Trade safe and prosper.
KP
The GBPUSD market operation on the weekly time frame printed an indecision candlestick at the 1.25640 horizonal support area last week. Presently, the market operation is at the lower trendline of a rising wedge (red), within which it has been consolidating for several weeks.
GBPUSD price action on the daily time frame went sideways below a rising wedge (red) on Friday after a bearish breakdown on Thursday. Technical impulse favours bears more than bulls. Nevertheless, we may still see a northward retest of an intra-day area of value before a southward turnaround.
At the latter part of Friday’s session, GBPUSD price action on the H4 time frame went sideways at the lower trendline of a rising wedge (red) within which it has been consolidating after a bullish pullback of a bearish breakdown on Thursday. Although we cannot rule out a northward move to retest an intra-day area of value, the dominant technical structure is bearish
I may be wrong. Trade safe and prosper.
KP
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