Are you tracking the GBPUSD this week? Consider this top-down technical perspective on the GBPUSD. On the weekly time frame, two weeks ago, bears retested the former horizontal resistance area around 1.28880 (magenta) seen on the monthly time frame but last week bulls effected a northward push. Presently, the order flow is somehow in equilibrium and we should step aside to watch what happens in the market in the early part of this week.
Technicals on the H4 time frame favour further bullish move but the ‘wicky’ formations in some areas above the current location of price action indicate that there are barriers ahead which may hinder any bullish momentum. Much likely we may witness a brief move northward which would give way to a bearish turnaround soon.
I may be wrong. Trade safe and prosper.
KP
Technicals on the H4 time frame favour further bullish move but the ‘wicky’ formations in some areas above the current location of price action indicate that there are barriers ahead which may hinder any bullish momentum. Much likely we may witness a brief move northward which would give way to a bearish turnaround soon.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
1