According to the latest technical analysis of GBPUSD, the pair is showing a bearish trend on the 4-hour and daily charts, as it has broken below the key support level of 1.26525 and formed a head-and-shoulders pattern12. The pair is also facing downside pressure from the rising US dollar and Treasury yields, as well as the uncertainty over the UK’s economic outlook amid the pandemic and Brexit negotiations34.
Some possible scenarios for GBPUSD are:
If the pair breaks below the neckline of the head-and-shoulders pattern at around 1.262, it could target the next support level at 1.26093, which is the S3 pivot point on the daily chart12. A further decline could open the way for 1.25 or lower.
If the pair rebounds from the neckline or the S3 pivot point, it could retest the resistance level at 1.28274, which is the R1 pivot point on the daily chart and also the previous high of the right shoulder12. A break above this level could signal a reversal of the bearish trend and a possible rally towards 1.30 or higher.
These are just some of the possible scenarios based on the technical analysis of GBPUSD. You should also consider the fundamental factors that may affect the pair, such as the upcoming economic data releases, the news and events related to the UK and the US, and the market sentiment and risk appetite. You should also use your own judgment and risk management when trading. I hope this helps you learn how to analyze the market. 😊
Some possible scenarios for GBPUSD are:
If the pair breaks below the neckline of the head-and-shoulders pattern at around 1.262, it could target the next support level at 1.26093, which is the S3 pivot point on the daily chart12. A further decline could open the way for 1.25 or lower.
If the pair rebounds from the neckline or the S3 pivot point, it could retest the resistance level at 1.28274, which is the R1 pivot point on the daily chart and also the previous high of the right shoulder12. A break above this level could signal a reversal of the bearish trend and a possible rally towards 1.30 or higher.
These are just some of the possible scenarios based on the technical analysis of GBPUSD. You should also consider the fundamental factors that may affect the pair, such as the upcoming economic data releases, the news and events related to the UK and the US, and the market sentiment and risk appetite. You should also use your own judgment and risk management when trading. I hope this helps you learn how to analyze the market. 😊
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