If you are tracking the GBPUSD, consider this technical perspective from a medium-term swing trader. The GBPUSD technical market structure is bullish but market operation is presently in a horizontal channel. On the daily time frame, price action is tackling an area of consolidation which has been in place since May 10. Technically, we may see further bullish move in the early part of this week but there is increased bearish pressure as price action makes a further attempt to retest the significant 1.42420 horizontal resistance area, an area it last visited on February 24 before a strong bearish drop. It will take a significant break above the area for any bullish momentum to be sustained. Any bullish failure may incentivize bears for a southward rotation.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
Good night all, see you in EU session !
! Anything is possible ! In my own silly view, Thursday s failure to get back under 1.4 and Fridays break back above 4080 = bulls 2 weeks long grip on momentum is maintained, for now. This week, bulls need most closes to be above 4030 to keep it as strong as it is now. A break above .4130s resistance as early as Monday or Tuesday and this momentum could make .42 new support as early as this week. If .4130s doesnt break in this same momentum move = more chances...
