PA exhibiting scope to move higher today, 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 as we transition into June. Neighbouring resistance, should we see further recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
GBP/USD retained its underlying bid Tuesday, latching onto its fourth successive gain.
The pound’s days in the sun may be numbered, however, having seen price nearing supply at 1.2649/1.2799 (prior demand), an area aligning with the 200-day simple moving average at 1.2661.
H4 timeframe:
H4 attempted a pullback from resistance at 1.2520 Tuesday, though enthusiasm was lacking after price established a base off nearby trendline support (1.2163) and eventually overran the aforesaid resistance, uncovering additional resistance at 1.2624.
H1 timeframe:
Supply at 1.2511/1.2482, as you can see, failed to offers sellers much of a home on Tuesday, giving way into European trade.
Retesting 1.25, a level located within the walls of the aforesaid supply, the pair’s intraday bullish tone remained intact into the close, with 1.26 calling for attention today.
Traders will also note the 100-period simple moving average has been drifting higher since May 26. What’s more, we’re also seeing the RSI form bearish divergence.
Structures of Interest:
A retest scenario off H4 support at 1.2520 could be seen today, owing to all analysed timeframes exhibiting scope to navigate higher ground. However, do remain aware that a retest at 1.2520 could also spark interest in 1.2511/1.2482, the H1 demand (prior supply).
Between H4 resistance at 1.2624 and the 1.26 level on the H1 represents a possible hurdle buyers may struggle to breach today. Additional resistance can be found on the daily timeframe at the underside of supply at 1.2649.
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 as we transition into June. Neighbouring resistance, should we see further recovery, can be found in the form of a trendline (1.7191). A violation of support, nevertheless, puts forward a 127.2% Fib ext. level at 1.1297.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008.
Daily timeframe:
GBP/USD retained its underlying bid Tuesday, latching onto its fourth successive gain.
The pound’s days in the sun may be numbered, however, having seen price nearing supply at 1.2649/1.2799 (prior demand), an area aligning with the 200-day simple moving average at 1.2661.
H4 timeframe:
H4 attempted a pullback from resistance at 1.2520 Tuesday, though enthusiasm was lacking after price established a base off nearby trendline support (1.2163) and eventually overran the aforesaid resistance, uncovering additional resistance at 1.2624.
H1 timeframe:
Supply at 1.2511/1.2482, as you can see, failed to offers sellers much of a home on Tuesday, giving way into European trade.
Retesting 1.25, a level located within the walls of the aforesaid supply, the pair’s intraday bullish tone remained intact into the close, with 1.26 calling for attention today.
Traders will also note the 100-period simple moving average has been drifting higher since May 26. What’s more, we’re also seeing the RSI form bearish divergence.
Structures of Interest:
A retest scenario off H4 support at 1.2520 could be seen today, owing to all analysed timeframes exhibiting scope to navigate higher ground. However, do remain aware that a retest at 1.2520 could also spark interest in 1.2511/1.2482, the H1 demand (prior supply).
Between H4 resistance at 1.2624 and the 1.26 level on the H1 represents a possible hurdle buyers may struggle to breach today. Additional resistance can be found on the daily timeframe at the underside of supply at 1.2649.
Penafian
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