This is a 4-hour chart of GBP/USD showing a technical analysis setup. Here’s a breakdown of the key elements:
1. Current Price & Trend:
GBP/USD is trading around 1.29291.
The price action suggests an uptrend, but there are signs of potential weakness or reversal.
2. Support & Resistance Zones:
Resistance Zone: The green box around 1.3000 suggests a potential supply area where sellers may step in.
Support Zones:
Around 1.2650-1.2700 (mid-level marked by a pink box).
A major support level is identified near 1.2450 (white line), which the blue arrow is pointing toward.
3. Possible Price Movement:
If GBP/USD faces resistance near 1.3000, a bearish rejection could lead to a drop toward the 1.2650 support area.
If further bearish pressure persists, a move toward 1.2450 is possible.
However, if the price holds above the resistance zone and breaks higher, it could continue its bullish trend.
4. Trading Outlook:
A short (sell) position may be considered if rejection occurs at resistance, with targets around 1.2650 and 1.2450.
A long (buy) position could be considered if the price breaks above 1.3000 with strong momentum.
1. Current Price & Trend:
GBP/USD is trading around 1.29291.
The price action suggests an uptrend, but there are signs of potential weakness or reversal.
2. Support & Resistance Zones:
Resistance Zone: The green box around 1.3000 suggests a potential supply area where sellers may step in.
Support Zones:
Around 1.2650-1.2700 (mid-level marked by a pink box).
A major support level is identified near 1.2450 (white line), which the blue arrow is pointing toward.
3. Possible Price Movement:
If GBP/USD faces resistance near 1.3000, a bearish rejection could lead to a drop toward the 1.2650 support area.
If further bearish pressure persists, a move toward 1.2450 is possible.
However, if the price holds above the resistance zone and breaks higher, it could continue its bullish trend.
4. Trading Outlook:
A short (sell) position may be considered if rejection occurs at resistance, with targets around 1.2650 and 1.2450.
A long (buy) position could be considered if the price breaks above 1.3000 with strong momentum.
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.