H1 wave 5 structure completed - lower levels?
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, with the month currently recording gains of more than 2.5%. Neighbouring resistance 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:
Partially altered from previous analysis -
GBP/USD retained its underlying bid Friday, latching onto its seventh successive gain.
As stated in recent analysis, the pound’s days in the sun may be numbered, having seen price engage with supply at 1.2649/1.2799 (prior demand), an area aligning with the 200-day simple moving average at 1.2665. Also note the RSI indicator hovers within shouting distance of testing overbought terrain.
H4 timeframe:
Supply at 1.2699/1.2605 (prior demand) came under fire Friday, with price penetrating its upper boundary and running stops. Although a close above the base has yet to develop, Friday’s activity positions supply at 1.2851/1.2805 on the radar, an area boasting mouth-watering momentum out of its base and essentially representing a decision point to break the 1.2725 low (Feb 28).
Should sellers make a stand, demand at 1.2478/1.2527 could be seen, sited nearby a trendline formation (1.2163).
H1 timeframe:
Thanks to upside over the past couple of weeks, a 5-wave impulse structure formed, with wave 3 extended and waves 1-5 equalling. Together with a local trendline support (1.2514) experiencing a mild penetration Friday, this could guide an intraday correction back to 1.26 in early trade this week, closely bolstered by the 100-period simple moving average seen fast approaching the underside of the round number.
Technicians may also wish to note resistance resides above 1.27 at 1.2740 (blue).
Structures of Interest:
Long term:
Daily price crossing paths with supply at 1.2649/1.2799 and the 200-day SMA (1.2665), along with the RSI approaching overbought conditions, may have sellers make a showing this week.
Short term:
The break of local H1 trendline support after forming an impulse wave, a term used to describe a specific pattern found in Elliott Wave theory, may encourage selling in early trade this week, with 1.26 set as a possible support target.
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, with the month currently recording gains of more than 2.5%. Neighbouring resistance 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:
Partially altered from previous analysis -
GBP/USD retained its underlying bid Friday, latching onto its seventh successive gain.
As stated in recent analysis, the pound’s days in the sun may be numbered, having seen price engage with supply at 1.2649/1.2799 (prior demand), an area aligning with the 200-day simple moving average at 1.2665. Also note the RSI indicator hovers within shouting distance of testing overbought terrain.
H4 timeframe:
Supply at 1.2699/1.2605 (prior demand) came under fire Friday, with price penetrating its upper boundary and running stops. Although a close above the base has yet to develop, Friday’s activity positions supply at 1.2851/1.2805 on the radar, an area boasting mouth-watering momentum out of its base and essentially representing a decision point to break the 1.2725 low (Feb 28).
Should sellers make a stand, demand at 1.2478/1.2527 could be seen, sited nearby a trendline formation (1.2163).
H1 timeframe:
Thanks to upside over the past couple of weeks, a 5-wave impulse structure formed, with wave 3 extended and waves 1-5 equalling. Together with a local trendline support (1.2514) experiencing a mild penetration Friday, this could guide an intraday correction back to 1.26 in early trade this week, closely bolstered by the 100-period simple moving average seen fast approaching the underside of the round number.
Technicians may also wish to note resistance resides above 1.27 at 1.2740 (blue).
Structures of Interest:
Long term:
Daily price crossing paths with supply at 1.2649/1.2799 and the 200-day SMA (1.2665), along with the RSI approaching overbought conditions, may have sellers make a showing this week.
Short term:
The break of local H1 trendline support after forming an impulse wave, a term used to describe a specific pattern found in Elliott Wave theory, may encourage selling in early trade this week, with 1.26 set as a possible support target.
Penafian
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