1.2450 as support, anyone?
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 and long-term trendline resistance (1.7191) remain clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Demand at 1.2192/1.2361 recently welcomed price action, stirring buyers and consequently chalking up two back-to-back bullish candles, each closing just shy of best levels. The demand, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point to break 1.2647 (April 14 high).
The 200-period simple moving average at 1.2681 is likely marked as the next available resistance on this timeframe.
H4 timeframe:
The spirited response out of demand from 1.2231/1.2279 recently pulled H4 through trendline resistance (1.2813), and potentially liberated buyers to supply at 1.2652/1.2544.
H1 timeframe:
Supply at 1.2415/1.2386, housing the 1.24 level and intersecting with the H4 trendline resistance underscored above, loosened its grip Wednesday. This resulted in the taking of 1.2450 resistance and throwing light on the 1.25 level.
Also, traders may find interest in noting the RSI oscillator recently drilled into overbought territory.
Structures of Interest:
Upside pressure from daily demand at 1.2192/1.2361 and the break of H4 trendline resistance is likely to force H1 to address 1.25 today. Before doing so, however, a dip/retest to 1.2450 may come to fruition, offering an intraday platform to consider buying opportunities from.
Targets from 1.2450 are seen at 1.25 and the lower ledge of H4 supply at 1.2544.
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 and long-term trendline resistance (1.7191) remain clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Demand at 1.2192/1.2361 recently welcomed price action, stirring buyers and consequently chalking up two back-to-back bullish candles, each closing just shy of best levels. The demand, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point to break 1.2647 (April 14 high).
The 200-period simple moving average at 1.2681 is likely marked as the next available resistance on this timeframe.
H4 timeframe:
The spirited response out of demand from 1.2231/1.2279 recently pulled H4 through trendline resistance (1.2813), and potentially liberated buyers to supply at 1.2652/1.2544.
H1 timeframe:
Supply at 1.2415/1.2386, housing the 1.24 level and intersecting with the H4 trendline resistance underscored above, loosened its grip Wednesday. This resulted in the taking of 1.2450 resistance and throwing light on the 1.25 level.
Also, traders may find interest in noting the RSI oscillator recently drilled into overbought territory.
Structures of Interest:
Upside pressure from daily demand at 1.2192/1.2361 and the break of H4 trendline resistance is likely to force H1 to address 1.25 today. Before doing so, however, a dip/retest to 1.2450 may come to fruition, offering an intraday platform to consider buying opportunities from.
Targets from 1.2450 are seen at 1.25 and the lower ledge of H4 supply at 1.2544.
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