Like some other USD pairs, GBPUSD closed within a key zone on long term timeframes.
*If this is helpful please LIKE or COMMENT so I know whether to keep sharing these charts*
MONTHLY (see main chart)
We have again entered a KEY pivot zone (yellow parallels) and approaching median line of major downtrend pitchfork (PF).
We attempted to enter this zone in September but eventually rejected off the trendline (TL) from 2007 high to form a false break scenario.
However October we failed to move lower and the November candle closed INSIDE the lower yellow parallel.
If the December closes above this TL and above the yellow parallel we can look for a test of the Median line last tested in 2018 early 2021.
NOTE: If we close the month BELOW these levels (have to be sub 1.30 figure) the MONTHLY outlook stays neutral.
Weekly
We are currently trading within an UPTREND PF joining 2016 low, 2018 high and 2020 low.
We closed the week right at resistance on the median line basically on the 2018 OPEN.
On a WEEKLY basis we have closed above the 2007 TL BUT as you can see its a bit messy so while it is a guide the pitchfork levels are KEY.
We would need a WEEKLY CLOSE above the median line to signal a bullish breakout scenario BUT be aware just like the monthly PF the 14.4% parallel around the median line may act like a pivot zone.
Upper target zone would be the yellow 23.6% retracement confluent with the MONTHLY median line in blue (1.37~) to the weekly 14.4% parallel confluent with 2009 high week close (HWC) at 1.3790.
Lower target if we breakdown initially is 2020 Open at 1.3253, then the GAP at 1.3230, then the December low at 1.3134.
Daily
On top of the UPTREND PF shown in the weekly we have also been following another UPTREND PF on the Daily in GREEN.
On Thursday we found resistance on the upper 25% line of GREEN PF and retraced back to the 2018 OPEN to close Friday.
To remain bullish we need to stay ABOVE the 14.4% parallel.
The BULLISH and BEARISH targets are the same as on the WEEKLY chart BUT if we push lower look for the Trendline we have tested 4 times since the May low that is confluent with the October high day close (HDC) at 1.3141.
If we breakdown further it really is the 1.30 figure then 1.2850~ and 2019 OPEN at 1.2754.
Intraday (4hr)
You can see intraday we are also following an UPTREND PF.
We did break below 2 weeks ago only to gap back inside and push higher (on the apparently positive BREXIT news).
The only additional information here is you can see we closed the week sitting on top of the September high.
Due to the volatility I've been trading off the GREEN PF primarily BUT if you are a scalper this near term structure may help you.
Just remember we are BULLISH while inside the near term PF so I will be very careful getting overly bearish.
On a break I'll look for some near term structure to guide me.
*If this is helpful please LIKE or COMMENT so I know whether to keep sharing these charts*
MONTHLY (see main chart)
We have again entered a KEY pivot zone (yellow parallels) and approaching median line of major downtrend pitchfork (PF).
We attempted to enter this zone in September but eventually rejected off the trendline (TL) from 2007 high to form a false break scenario.
However October we failed to move lower and the November candle closed INSIDE the lower yellow parallel.
If the December closes above this TL and above the yellow parallel we can look for a test of the Median line last tested in 2018 early 2021.
NOTE: If we close the month BELOW these levels (have to be sub 1.30 figure) the MONTHLY outlook stays neutral.
Weekly
We are currently trading within an UPTREND PF joining 2016 low, 2018 high and 2020 low.
We closed the week right at resistance on the median line basically on the 2018 OPEN.
On a WEEKLY basis we have closed above the 2007 TL BUT as you can see its a bit messy so while it is a guide the pitchfork levels are KEY.
We would need a WEEKLY CLOSE above the median line to signal a bullish breakout scenario BUT be aware just like the monthly PF the 14.4% parallel around the median line may act like a pivot zone.
Upper target zone would be the yellow 23.6% retracement confluent with the MONTHLY median line in blue (1.37~) to the weekly 14.4% parallel confluent with 2009 high week close (HWC) at 1.3790.
Lower target if we breakdown initially is 2020 Open at 1.3253, then the GAP at 1.3230, then the December low at 1.3134.
Daily
On top of the UPTREND PF shown in the weekly we have also been following another UPTREND PF on the Daily in GREEN.
On Thursday we found resistance on the upper 25% line of GREEN PF and retraced back to the 2018 OPEN to close Friday.
To remain bullish we need to stay ABOVE the 14.4% parallel.
The BULLISH and BEARISH targets are the same as on the WEEKLY chart BUT if we push lower look for the Trendline we have tested 4 times since the May low that is confluent with the October high day close (HDC) at 1.3141.
If we breakdown further it really is the 1.30 figure then 1.2850~ and 2019 OPEN at 1.2754.
Intraday (4hr)
You can see intraday we are also following an UPTREND PF.
We did break below 2 weeks ago only to gap back inside and push higher (on the apparently positive BREXIT news).
The only additional information here is you can see we closed the week sitting on top of the September high.
Due to the volatility I've been trading off the GREEN PF primarily BUT if you are a scalper this near term structure may help you.
Just remember we are BULLISH while inside the near term PF so I will be very careful getting overly bearish.
On a break I'll look for some near term structure to guide me.
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.