GBP/USDMarket NewsTechnical Analysis

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

  • 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

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Your email address will not be published.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

Related Articles

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus
Market News

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around 104.30, gold above $2,400, oil climbing slightly.

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Copyright © 2023 Forex Prop News. All Rights Reserved.