GBPUSD Weekly Technical Outlook
GBPUSD market operation has turned sideways. On the weekly time frame, it retested the 1.22900/1.24400 horizontal resistance zone (purple) two weeks ago but met bearish challenge. Last week, market operation printed an indecision candlestick in the zone but, technically, the impulse is still bullish.
GBPUSD price action on the daily time frame turned sideways as it retests the 1.22900/1.24400 horizontal resistance zone (purple). We may have to await directional clarity, or momentum shift, upon Monday daily closing.
GBPUSD price action on the H4 is in consolidation. The 1.22900/1.24400 area (purple) seems to be the major channel and coincides with the operating weekly horizontal resistance zone.
I may be wrong. Trade safe and prosper.
KP
GBPUSD market operation has turned sideways. On the weekly time frame, it retested the 1.22900/1.24400 horizontal resistance zone (purple) two weeks ago but met bearish challenge. Last week, market operation printed an indecision candlestick in the zone but, technically, the impulse is still bullish.
GBPUSD price action on the daily time frame turned sideways as it retests the 1.22900/1.24400 horizontal resistance zone (purple). We may have to await directional clarity, or momentum shift, upon Monday daily closing.
GBPUSD price action on the H4 is in consolidation. The 1.22900/1.24400 area (purple) seems to be the major channel and coincides with the operating weekly horizontal resistance zone.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
1