GBP/USD Technical OutlookGBP/USD posted weekly reversal at 2018 highsFocusing on assist beneath 13700 near-term GBP/USD to commer
GBP/USD Technical Outlook
- GBP/USD posted weekly reversal at 2018 highs
- Focusing on assist beneath 13700 near-term
GBP/USD to commerce decrease
Final week, GBP/USD posted a weekly reversal candle at an vital long-term stage. The excessive worth of the candle was only a few pips above the strongest weekly shut of 2018; an vital macro excessive because it subsequently led to the bottom ranges in a long time.
The important thing reversal week at long-term resistance is motive sufficient to search for near-term weak point, however furthering the case is the break again contained in the intermediate-term channel courting to September.
Usually occasions when worth leaves the confines of a channel it results in a blow-off (this time to the 2018 excessive), and when that transfer is reversed again contained in the channel the tendency is for a decline to develop to at the least the opposite aspect of the channel. The opposite aspect of the channel can be in confluence with the March trend-line.
From a tactical standpoint an in depth again above the channel (~14050 and rising with the channel) would dent a bearish buying and selling bias. On the draw back, there may be presently about 300 pips of room till the decrease parallel of the channel is met across the 13635 stage (and rising). This makes a for an honest threat/reward state of affairs.
Really useful by Paul Robinson
Try the Q1 GBP Forecast
GBP/USD Weekly Chart (weekly reversal round 2018 excessive)
GBP/USD Each day Chart (searching for different aspect of channel)
GBP/USD Charts by TradingView
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—Written by Paul Robinson, Market Analyst
You may comply with Paul on Twitter at @PaulRobinsonFX
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