GBP/USDMarket NewsTechnical Analysis

GBP/USD: Buyers May Resume Their Domination Again

GBP/USD bank of England rates
  • GBP/USD is having consolidation on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart has had a rejection at the swing high.
  • Intraday price action has been choppy.
GBP/USD H4 chart
GBP/USD H4 chart

GBP/USD – Technical Analysis- H4 chart

The chart shows that the price had a bounce at the simple moving average 30 and produced a bullish engulfing candle. The next candle came out as a bullish candle with a thick body as well. However, as of writing, the pair is having consolidation. The buyers may wait for the price to make a breakout at the consolidation’s resistance to go long in the pair. The price may find its next resistance around 1.28250.

On the other hand, the sellers may skip taking entry based on this chart. Until, it makes a bearish breakout at the SMA 30, the pair may not offer short entries with lucrative risk-reward.

GBP/USD H1 chart
GBP/USD H1 chart

Price Action Analysis- H1 Chart

The H1 chart looks good for the sellers. The price had multiple rejections at the level of 1.27650. At the last rejection, it produced a bearish inside bar. Since then, it has been heading towards the South. A breakout at the level of 1.27350 may drive the price towards the South. The price may find its next support around 1.26750.

On the contrary, if the price breaches the level of 1.27650, the buyers may look to go long upon having breakout confirmation followed by bullish signal. In that case, the price may find its next resistance around 1.28000.

The H1 chart looks more bearish biased. However, it may go towards the upside as well. The H4 looks very bullish. Thus, considering both charts, it seems that the buyers may dominate in the pair for a day or two.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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