GBP/USD Weekly Technical Report:
GBP / USD increased a width a week earlier, its honor increased by more than 130 pps. As a result, weekly prices were closed after weeks. The weekend weekend strike strike increased by 1.2673 on Saturday's weekend. However, how was this obstacle in September. Before and after this line, it has been appreciated. Buy this week's purchase and British pounds short this week. It recognizes that weekends according to the week's week's week's week's week's weekend. The land determines that the unit can exchange it. As far as south, the level of Boulder was at 1.3371 every day. On the other hand, all things are considered. Every day candles should be removed from the days of Canvas. 1.3618 has been pencil at the protection level (after weekend weekend after the weekend 1.3683 - target at the top. Recent recent past after channel protection at weekend).
A quick recap of Friday’s trading on the H4 timeframe reveals. That the pair failed to muster enough strength to breach the H4 mid-level resistance coming in at 1.3550 and sold off. UK’s manufacturing PMI surprised to the upside in November but was largely ignored. Despite a brief spate of buying (influenced by escalating political tension in the US) during US hours, H4 price wrapped up the week crossing paths with the H4 mid-level support at 1.3450, which happens to intersect beautifully with a H4 channel resistance-turned support taken from the high 1.3229. Suggestions: Buying from the H4 mid-level support at 1.3450 may seem attractive knowing that the line fuses with a H4 channel, but it is not a setup we’d label high probability. Entering long as weekly price connects with weekly resistance tends to end in drawdown.
So, rather than buying 1.3450, we’re looking for H4 price to close beneath this level. A decisive H4 close lower coupled with a retest and a reasonably sized H4 bearish candle (preferably in the shape of a full or near-full-bodied candle) would, in our view, be enough to suggest shorts. Also of particular interest here is the H4 tail seen marked with a black arrow at 1.3432.This, we believe, has consumed the majority of buy orders beneath 1.3450, potentially opening up downside to the 1.34 handle, followed closely by October’s opening level at 1.3367 (sits directly below the daily support mentioned above at 1.3371).
Levels to watch
GBP / USD increased a width a week earlier, its honor increased by more than 130 pps. As a result, weekly prices were closed after weeks. The weekend weekend strike strike increased by 1.2673 on Saturday's weekend. However, how was this obstacle in September. Before and after this line, it has been appreciated. Buy this week's purchase and British pounds short this week. It recognizes that weekends according to the week's week's week's week's week's weekend. The land determines that the unit can exchange it. As far as south, the level of Boulder was at 1.3371 every day. On the other hand, all things are considered. Every day candles should be removed from the days of Canvas. 1.3618 has been pencil at the protection level (after weekend weekend after the weekend 1.3683 - target at the top. Recent recent past after channel protection at weekend).
A quick recap of Friday’s trading on the H4 timeframe reveals. That the pair failed to muster enough strength to breach the H4 mid-level resistance coming in at 1.3550 and sold off. UK’s manufacturing PMI surprised to the upside in November but was largely ignored. Despite a brief spate of buying (influenced by escalating political tension in the US) during US hours, H4 price wrapped up the week crossing paths with the H4 mid-level support at 1.3450, which happens to intersect beautifully with a H4 channel resistance-turned support taken from the high 1.3229. Suggestions: Buying from the H4 mid-level support at 1.3450 may seem attractive knowing that the line fuses with a H4 channel, but it is not a setup we’d label high probability. Entering long as weekly price connects with weekly resistance tends to end in drawdown.
So, rather than buying 1.3450, we’re looking for H4 price to close beneath this level. A decisive H4 close lower coupled with a retest and a reasonably sized H4 bearish candle (preferably in the shape of a full or near-full-bodied candle) would, in our view, be enough to suggest shorts. Also of particular interest here is the H4 tail seen marked with a black arrow at 1.3432.This, we believe, has consumed the majority of buy orders beneath 1.3450, potentially opening up downside to the 1.34 handle, followed closely by October’s opening level at 1.3367 (sits directly below the daily support mentioned above at 1.3371).
Levels to watch
- Buys: Flat (stop loss: N/A).
- Sells: Watch for H4 price to engulf 1.3450 and then look to trade any retest seen thereafter ([waiting for a reasonably sized H4 bearish candle to form following the retest – preferably a full or near-full-bodied candle – is advised] stop loss: ideally beyond the candle’s wick).
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