Key resistances in view on GBP/USD, traders!
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 remains in motion in June, with the month currently recording gains of more than 2.2% despite facing long-term trendline resistance (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Monday, dominated largely by bids, snapped a two-day losing streak and concluded the session within shouting distance of the 200-day simple moving average at 1.2681.
The next upside objective beyond the dynamic value sits at supply at 1.3021/1.2844, positioned a touch above last Wednesday’s high. Seeking lower ground from current price, however, shines light on demand at 1.2192/1.2361 (essentially representing the decision point to crack 1.2647 [April 14 high]).
H4 timeframe:
Monday whipsawed through orders at demand at 1.2476/1.2526, leaving another demand at 1.2374/1.2427 unopposed, and strengthened to resistance at 1.2629. Brushing aside this level will further squeeze shorts, according to the H4 chart, towards supply posted at 1.2851/1.2805.
H1 timeframe:
US trade penetrated trendline resistance (1.2813) and shortly after retested the barrier as support by way of a bullish inside candlestick pattern. This pushed for 1.26, which put up little fight, consequently throwing light on the 100-period simple moving average circling nearby at 1.2633.
Above the moving average, traders will likely swing for the 1.27 level, stationed just under resistance at 1.2740.
RSI traders will note the value approaching overbought levels.
Structures of Interest:
Monthly trendline resistance recently made an entrance, which, owing to the long-term downtrend, is currently capping upside. Recently breaking below the 200-day moving average on the daily timeframe at 1.2681 certainly adds weight to additional losses, with daily demand at 1.2192/1.2361 now in view (glued to the top edge of monthly support at 1.1904/1.2235). However, before we turn lower, a retest at the aforesaid moving average may be in order.
H4 resistance at 1.2629 is fast approaching reality as is H1 towards its 100-period simple moving average at 1.2633. Both levels are worthy of attention. Failure to hold here shifts focus to the 1.27 level as possible resistance, boasting a close relationship with the 200-day simple moving average at 1.2681.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 remains in motion in June, with the month currently recording gains of more than 2.2% despite facing long-term trendline resistance (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Monday, dominated largely by bids, snapped a two-day losing streak and concluded the session within shouting distance of the 200-day simple moving average at 1.2681.
The next upside objective beyond the dynamic value sits at supply at 1.3021/1.2844, positioned a touch above last Wednesday’s high. Seeking lower ground from current price, however, shines light on demand at 1.2192/1.2361 (essentially representing the decision point to crack 1.2647 [April 14 high]).
H4 timeframe:
Monday whipsawed through orders at demand at 1.2476/1.2526, leaving another demand at 1.2374/1.2427 unopposed, and strengthened to resistance at 1.2629. Brushing aside this level will further squeeze shorts, according to the H4 chart, towards supply posted at 1.2851/1.2805.
H1 timeframe:
US trade penetrated trendline resistance (1.2813) and shortly after retested the barrier as support by way of a bullish inside candlestick pattern. This pushed for 1.26, which put up little fight, consequently throwing light on the 100-period simple moving average circling nearby at 1.2633.
Above the moving average, traders will likely swing for the 1.27 level, stationed just under resistance at 1.2740.
RSI traders will note the value approaching overbought levels.
Structures of Interest:
Monthly trendline resistance recently made an entrance, which, owing to the long-term downtrend, is currently capping upside. Recently breaking below the 200-day moving average on the daily timeframe at 1.2681 certainly adds weight to additional losses, with daily demand at 1.2192/1.2361 now in view (glued to the top edge of monthly support at 1.1904/1.2235). However, before we turn lower, a retest at the aforesaid moving average may be in order.
H4 resistance at 1.2629 is fast approaching reality as is H1 towards its 100-period simple moving average at 1.2633. Both levels are worthy of attention. Failure to hold here shifts focus to the 1.27 level as possible resistance, boasting a close relationship with the 200-day simple moving average at 1.2681.
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