Monthly trendline resistance now in play
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 into June, with the month currently recording gains of more than 3%. Neighbouring resistance also recently entered the mix, in the form of a trendline (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis –
Off best levels, GBP/USD fell after clipping the upper wall of supply at 1.2649/1.2799 (prior demand). Maintaining a spot above the 200-day simple moving average at 1.2677, however, could eventually have traders go head to head at supply from 1.3021/1.2844.
With respect to the RSI indicator, we recently entered overbought terrain on this timeframe.
H4 timeframe:
Partially altered from previous analysis –
Wednesday, as you can see, travelled to supply at 1.2851/1.2805 (glued to the underside of daily supply at 1.3021/1.2844), an area boasting mouth-watering momentum out of its base and essentially representing a decision point to break the 1.2725 low (Feb 28). Owing to its standing as a supply zone, holding under this base is not a surprise.
1.2699/1.2605 represents demand, reinforced by another local demand coming in from 1.2583/1.2632.
H1 timeframe:
Amid London trade Wednesday, price action retested support at 1.2740 and spent the remainder of the day ranging between the aforesaid support and the 1.28 level.
As we write, price is threatening a break of 1.2740, shining light on 1.27 as the next possible support, a level that currently has a connection with the 100-period simple moving average. Beyond 1.27 unshackles downside to demand at 1.2606/1.2623.
Structures of Interest:
Monthly trendline resistance made an entrance yesterday, which, owing to the long-term downtrend, may cap upside attempts going forward.
Upside momentum on the daily timeframe is certainly slowing, according to the candle bodies, though before sellers make a stance, we could see a pop to supply at 1.3021/1.2844.
Intraday, traders are perhaps watching for 1.27 to give way before getting involved, with a target set at H1 demand from 1.2606/1.2623 (positioned within H4 demand at 1.2583/1.2632).
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 into June, with the month currently recording gains of more than 3%. Neighbouring resistance also recently entered the mix, in the form of a trendline (1.7191).
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
Partially altered from previous analysis –
Off best levels, GBP/USD fell after clipping the upper wall of supply at 1.2649/1.2799 (prior demand). Maintaining a spot above the 200-day simple moving average at 1.2677, however, could eventually have traders go head to head at supply from 1.3021/1.2844.
With respect to the RSI indicator, we recently entered overbought terrain on this timeframe.
H4 timeframe:
Partially altered from previous analysis –
Wednesday, as you can see, travelled to supply at 1.2851/1.2805 (glued to the underside of daily supply at 1.3021/1.2844), an area boasting mouth-watering momentum out of its base and essentially representing a decision point to break the 1.2725 low (Feb 28). Owing to its standing as a supply zone, holding under this base is not a surprise.
1.2699/1.2605 represents demand, reinforced by another local demand coming in from 1.2583/1.2632.
H1 timeframe:
Amid London trade Wednesday, price action retested support at 1.2740 and spent the remainder of the day ranging between the aforesaid support and the 1.28 level.
As we write, price is threatening a break of 1.2740, shining light on 1.27 as the next possible support, a level that currently has a connection with the 100-period simple moving average. Beyond 1.27 unshackles downside to demand at 1.2606/1.2623.
Structures of Interest:
Monthly trendline resistance made an entrance yesterday, which, owing to the long-term downtrend, may cap upside attempts going forward.
Upside momentum on the daily timeframe is certainly slowing, according to the candle bodies, though before sellers make a stance, we could see a pop to supply at 1.3021/1.2844.
Intraday, traders are perhaps watching for 1.27 to give way before getting involved, with a target set at H1 demand from 1.2606/1.2623 (positioned within H4 demand at 1.2583/1.2632).
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