30-minute GBP/USD (British Pound / U.S. Dollar) , using data from the FXCM exchange.
Chart Breakdown
1. Entry Zone:
• The price has entered a marked entry zone around 1.2960 - 1.2980.
• The chart suggests a bearish rejection from this area, indicated by the downward projection.
2. Trend & Pattern:
• A rising wedge pattern was formed earlier, which has now broken down.
• This breakdown signals a potential bearish move ahead.
3. Support & Resistance Levels:
• Current resistance: Around 1.2980 (price struggling to break above).
• First support target: Near 1.2908 - 1.2909.
• Second support target: Around 1.2873 - 1.2853, which aligns with a major demand zone.
4. Projected Move:
• If the price fails to reclaim 1.2980, a drop toward 1.2909 is likely.
• A break below 1.2908 could push the price further down to 1.2873 - 1.2853.
• The final bearish target is near 1.2835, as shown by the downward arrow.
Conclusion
This setup suggests a bearish scenario, expecting a drop if GBP/USD remains below 1.2980. The price could decline towards 1.2909, then possibly to 1.2873 - 1.2835. However, if the price reclaims 1.2980, this bearish setup could be invalidated.
Chart Breakdown
1. Entry Zone:
• The price has entered a marked entry zone around 1.2960 - 1.2980.
• The chart suggests a bearish rejection from this area, indicated by the downward projection.
2. Trend & Pattern:
• A rising wedge pattern was formed earlier, which has now broken down.
• This breakdown signals a potential bearish move ahead.
3. Support & Resistance Levels:
• Current resistance: Around 1.2980 (price struggling to break above).
• First support target: Near 1.2908 - 1.2909.
• Second support target: Around 1.2873 - 1.2853, which aligns with a major demand zone.
4. Projected Move:
• If the price fails to reclaim 1.2980, a drop toward 1.2909 is likely.
• A break below 1.2908 could push the price further down to 1.2873 - 1.2853.
• The final bearish target is near 1.2835, as shown by the downward arrow.
Conclusion
This setup suggests a bearish scenario, expecting a drop if GBP/USD remains below 1.2980. The price could decline towards 1.2909, then possibly to 1.2873 - 1.2835. However, if the price reclaims 1.2980, this bearish setup could be invalidated.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.