GBP/USD Analysis (30-Minute Perspective)
The current structure on GBP/USD shows a potential bullish scenario unfolding as price reacts from a significant zone. Here's the breakdown of my analysis:
Support and Rejection:
Price has tapped into a well-defined support zone around the 1.2500 - 1.2510 region. This area aligns with the lower boundary of the discount zone, where buyers seem to be stepping in to defend this level.
Trendline Break:
A key downward trendline has been broken, which signals a potential shift in market sentiment from bearish to bullish. This is the first confirmation of a possible continuation to the upside.
Hourly Resistance in Focus:
Around 1.2555 - 1.2560, there’s a notable hourly resistance level that price needs to overcome to confirm bullish momentum. A break and retest of this level would provide further confidence for continuation toward higher targets.
Key Target – Weekly Psychological Level (1.2600):
The weekly psychological level at 1.2600 serves as the next significant target for price action. This level is critical due to its psychological and technical importance, making it a likely area for sellers to step in.
Confluences for Bullish Continuation:
The rejection from the support zone and break of the trendline indicate potential bullish order flow.
The alignment of the hourly resistance and weekly psych-level provides a clear path for price to gravitate toward.
Projected Move:
I expect price to first retest and overcome the hourly resistance level at 1.2555 - 1.2560. Once this happens, there’s a strong likelihood of price reaching the 1.2600 level. A decisive break above 1.2600 could open the door for further upside toward higher premium zones, but I’ll reassess the structure once we get there.
Final Thoughts:
The bullish case is promising, but I’ll remain cautious of potential rejection at the hourly resistance or the weekly psychological level. For now, I’ll wait for clear confirmations before making any trade decisions.
Support and Rejection:
Price has tapped into a well-defined support zone around the 1.2500 - 1.2510 region. This area aligns with the lower boundary of the discount zone, where buyers seem to be stepping in to defend this level.
Trendline Break:
A key downward trendline has been broken, which signals a potential shift in market sentiment from bearish to bullish. This is the first confirmation of a possible continuation to the upside.
Hourly Resistance in Focus:
Around 1.2555 - 1.2560, there’s a notable hourly resistance level that price needs to overcome to confirm bullish momentum. A break and retest of this level would provide further confidence for continuation toward higher targets.
Key Target – Weekly Psychological Level (1.2600):
The weekly psychological level at 1.2600 serves as the next significant target for price action. This level is critical due to its psychological and technical importance, making it a likely area for sellers to step in.
Confluences for Bullish Continuation:
The rejection from the support zone and break of the trendline indicate potential bullish order flow.
The alignment of the hourly resistance and weekly psych-level provides a clear path for price to gravitate toward.
Projected Move:
I expect price to first retest and overcome the hourly resistance level at 1.2555 - 1.2560. Once this happens, there’s a strong likelihood of price reaching the 1.2600 level. A decisive break above 1.2600 could open the door for further upside toward higher premium zones, but I’ll reassess the structure once we get there.
Final Thoughts:
The bullish case is promising, but I’ll remain cautious of potential rejection at the hourly resistance or the weekly psychological level. For now, I’ll wait for clear confirmations before making any trade decisions.
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.