The GBPUSD had one more indecisive movement on Tuesday manifested in
the Doji daily candlestick which was followed by a bearish candlestick
on Wednesday. However, the pair reacted strongly towards the price level
of 1.6160 pushing the pair to test 1.6300 – 1.6350 zone.
On Friday, the GBP/USD pair almost reached the price level of 1.6300
when the market reacted strongly bearish which was manifested in the
daily bearish hammer candlestick which strongly suggests an upcoming
bearish retracement towards retesting of the broken long-term trend line
around 1.6150-1.6100.
The GBP/USD pair is now trapped within consolidation range 1.6160-1.6300.
The view remains bullish in short-term with the test of 1.6300 –
1.6350 zone as long as we have daily closure above the broken long-term
trendline depicted on the chart .
Support: 1.6230, 1.6200, 1.6180, 1.6150, 1.6125 and 1.6075.
Resistance: 1.6250, 1.6285, 1.6300, 1.6350 and 1.6390.
Intraday support is seen around 1.6160. However, an obvious break
below that level could lead the price to neutral zone in nearest term
testing 1.6130-1.6050, while a longer-term support is seen around price
level 1.5920 (50% Fibonacci Level).
| Performed by Analytical expert: Mohamed Samy | |
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