GBPUSD Weekly Technical Outlook
GBPUSD market is in a bearish mode. On the monthly time frame, the November market operation printed a bearish candlestick that broke down an area of consolidation that had been in place for two months. Meanwhile, the December interim market operation is bearish.
GBPUSD market operation on the weekly time frame is presently sideways in a technically bearish market environment. The 1.30370/1.28900 weekly demand zone (green) is still about 200 pips below the present location of market operation, and we may see further bearish move this week. But last week’s indecision candlestick print is suspect.
GBPUSD price action on the daily time frame is retesting the significant 1.32200/1.31000 daily demand zone (blue) that has been in place since November 2020. Last Friday, price action printed a bearish engulfing candlestick to counter a bullish retracement from the zone. Should bears maintain their pressure, we may see a southward continuation within the zone. The 1.30370/1.28900 zone (green) is a weekly demand and could be a medium-term target of bears. The 1.34640/1.35100 area (magenta) is a daily supply.
I may be wrong. Trade safe and prosper.
KP
GBPUSD market is in a bearish mode. On the monthly time frame, the November market operation printed a bearish candlestick that broke down an area of consolidation that had been in place for two months. Meanwhile, the December interim market operation is bearish.
GBPUSD market operation on the weekly time frame is presently sideways in a technically bearish market environment. The 1.30370/1.28900 weekly demand zone (green) is still about 200 pips below the present location of market operation, and we may see further bearish move this week. But last week’s indecision candlestick print is suspect.
GBPUSD price action on the daily time frame is retesting the significant 1.32200/1.31000 daily demand zone (blue) that has been in place since November 2020. Last Friday, price action printed a bearish engulfing candlestick to counter a bullish retracement from the zone. Should bears maintain their pressure, we may see a southward continuation within the zone. The 1.30370/1.28900 zone (green) is a weekly demand and could be a medium-term target of bears. The 1.34640/1.35100 area (magenta) is a daily supply.
I may be wrong. Trade safe and prosper.
KP
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