GBPUSD Chart Breakdown
Monthly: Okay so lets start off with the monthly time-frame. After monthly support 1.3200 ( now resistance) was broken price quickly began to fall reaching our weekly midrange support 1.27000. We can also spot a potential double bottom pattern being formed. As of right now monthly looking bearish.
Weekly: Price is currently on our weekly mid-range support level 1.27000 and this is important this is the level that going to determine where price heads next. If it doesn't break and it hold look for upside momentum as price could try to find resistance at around the 1.3000 zone. Id broken expect for price to head down to our monthly support key level 1.22000.
Daily: We got two point of support and resistance where we can draw our fibs. First one at 1.31466 and second at 1.26040. Now we can see bit of confluence at our 38.2% level with daily resistance 1.28110 slightly aligning. Also 50% level with daily resistance 1.28959. Our retracement anticipation is 38.2% since is our first PRZ level and also because of confluence.
First target is 1.24575 zone which also slightly aligns with daily support zone 1.24818.
Weekly: Price is currently on our weekly mid-range support level 1.27000 and this is important this is the level that going to determine where price heads next. If it doesn't break and it hold look for upside momentum as price could try to find resistance at around the 1.3000 zone. Id broken expect for price to head down to our monthly support key level 1.22000.
Daily: We got two point of support and resistance where we can draw our fibs. First one at 1.31466 and second at 1.26040. Now we can see bit of confluence at our 38.2% level with daily resistance 1.28110 slightly aligning. Also 50% level with daily resistance 1.28959. Our retracement anticipation is 38.2% since is our first PRZ level and also because of confluence.
First target is 1.24575 zone which also slightly aligns with daily support zone 1.24818.
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