GBP/USD Technical analysis on multiple time frames
GBP/USD - In General uptrend from Supply zone 1.41009 on Weekly Chart.
Zooming in on Daily, price has broken upper trend line and has created a reverse Head and Shoulders pattern. Price is looking to change direction and aim towards 1.31688.
On 1H, we use Fibonacci tool to look for entries at around 1.22047 and 1.21832 .
GBP/USD price action reflects a cautious approach this week as investors look to U.S. CPI for forward guidance. We are seeing this across global markets so I expect an uptick in volatility pre and post announcement.
Thanks and keep trading
Leon Sprey
Zooming in on Daily, price has broken upper trend line and has created a reverse Head and Shoulders pattern. Price is looking to change direction and aim towards 1.31688.
On 1H, we use Fibonacci tool to look for entries at around 1.22047 and 1.21832 .
GBP/USD price action reflects a cautious approach this week as investors look to U.S. CPI for forward guidance. We are seeing this across global markets so I expect an uptick in volatility pre and post announcement.
Thanks and keep trading
Leon Sprey
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.