GBPUSD Weekly Technical Outlook
The GBUSD market has been in consolidation for quite a while. The 1.33880/1.22860 zone (magenta) has been the major channel for market operation for a several months. Presently, market operation is disposed southward within the zone, and it is near a horizontal support around 1.26440 (sandybrown). However, looking left, the shadows on the lower part of some of the candlesticks in the area may be a magnet of further bearish move.
After a relatively strong bearish drive rejected the horizontal resistance around 1.33880 three weeks ago, market operation turned sideways. But it printed a bearish continuation candlestick last week and the technical structure suggests further southward move to, perhaps, somewhere around the next consolidation area, the 1.25400 area.
On the daily time frame, price action is disposed southward within a falling channel (blue). Presently it is in consolidation but the technical structure favours bears.
I may be wrong. Trade safe and prosper.
KP
The GBUSD market has been in consolidation for quite a while. The 1.33880/1.22860 zone (magenta) has been the major channel for market operation for a several months. Presently, market operation is disposed southward within the zone, and it is near a horizontal support around 1.26440 (sandybrown). However, looking left, the shadows on the lower part of some of the candlesticks in the area may be a magnet of further bearish move.
After a relatively strong bearish drive rejected the horizontal resistance around 1.33880 three weeks ago, market operation turned sideways. But it printed a bearish continuation candlestick last week and the technical structure suggests further southward move to, perhaps, somewhere around the next consolidation area, the 1.25400 area.
On the daily time frame, price action is disposed southward within a falling channel (blue). Presently it is in consolidation but the technical structure favours bears.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money