If you are tracking the GBPUSD this week, consider this technical perspective of a swing trader. The 1.29600/1.31900 zone (magenta) is presently the prevailing channel for price action on the daily time frame. A significant break above the zone may see bulls target the 1.35140 horizontal resistance area created in November 2019. But a significant bearish break may expose the 1.27600 handle.
Price action on the H4 time frame is sideways and the 1.30500/1.31300 zone (blue) has seen much of the recent ranging price action. The last candlestick prints on Friday were bearish but there is some significant bullish influence. I will be neutral on this market until my mid-week review on Tuesday/Wednesday.
I may be wrong. Trade safe and prosper.
KP
Price action on the H4 time frame is sideways and the 1.30500/1.31300 zone (blue) has seen much of the recent ranging price action. The last candlestick prints on Friday were bearish but there is some significant bullish influence. I will be neutral on this market until my mid-week review on Tuesday/Wednesday.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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