Track all markets on TradingView
0

No products in the cart.

Trading News & Analysis for Forex, Commodities, and Indices. Trading News & Analysis for Forex, Commodities, and Indices.
0

No products in the cart.

© Copyright 2022 Jellywp. All rights reserved powered by Jellywp.com
GBP/USDMarket NewsTechnical Analysis

GBP/USD: The Bull is Ahead; Bear Looks for Its Opportunity

October 10, 20231 Mins read80 Views
  • GBP/USD trades around a significant horizontal resistance.
  • A bullish trend line has been working as support on the H4 Chart.
  • The H1 Chart looks choppy.
  • Intraday minor charts may make some bearish move.
GBP/USD H4 Chart
GBP/USD H4 Chart

GBP/USD- Technical Analysis-H4 Chart

The H4 chart shows that the price has been traded around 1.22700. The price reacted at this level several times. Thus, as expected, the level has been working as a resistance. The buyers may wait for the price to make a bullish breakout at the level followed by a bullish reversal pattern right at the breakout level to go long in the pair. A breakout above that level may push the price towards 1.23750.

The chart also shows that it has been obeying a bullish trend line. At the last bounce it produced a bullish engulfing candle. However, the buyers did not look sanguine to push the price towards the upside. The pair may consolidate within the horizontal resistance and trend line’s support for a while. A breakout at the trend line’s support may change the scenario and drive the price towards the last swing low at 1.20500.

GBP/USD H1 Chart
GBP/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a bullish trend line. Upon having a rejection at the last swing high, it made a strong bearish correction. However, trend line’s support holds the price. As of writing, the price has been having consolidation at the trend line’s support. A bullish reversal candle followed by a breakout at the last swing high may attract the buyers to go long in the pair. The price may find its resistance around 1.23330.

On the contrary, if the price makes a bearish breakout at the trend line’s support, the sellers may keep their eyes on the pair to go short. The price may find its support around 1.21620.

The H4 chart looks good for the buyers. The H1 chart still favors the buyers more. Those two trend line’s on the H4 and the H1 hold the key. Considering both charts, it seems that the bull may make the next move from here.

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

Contact and follow Tareq on Twitter: @tareqfpn

USD/JPY Yen Previous post USD/JPY Perspective: Yen Fails to Capitalize on Safe-Haven Appeal

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Track all markets on TradingView
Track all markets on TradingView
Track all markets on TradingView

Related Articles

Markets on Edge: Asia-Pacific Responds to Upcoming U.S. Inflation Report
Market News

Markets on Edge: Asia-Pacific Responds to Upcoming U.S. Inflation Report

Mixed Asia-Pacific markets as investors await U.S. inflation data. Key indices dip,...

ByDecember 11, 2024
Stocks in Asia Soar on China’s Stimulus Announcement
Market News

Stocks in Asia Soar on China’s Stimulus Announcement

Asian markets surged following China's announcement of fiscal stimulus plans. Key indices...

ByDecember 10, 2024
Markets on Edge as Political Crisis in South Korea
Market News

Markets on Edge as Political Crisis in South Korea

Global markets react to South Korea's political turmoil, with Kospi down 2.5%....

ByDecember 9, 2024
Market Focus: UK Minister Cautions on Trump Tariffs
Market News

Market Focus: UK Minister Cautions on Trump Tariffs

UK Trade Minister Jonathan Reynolds urges caution in retaliating against potential Trump...

ByDecember 6, 2024