According to the bigger picture long plays off 1.26 could fail
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Thursday had GBP/USD stall just ahead of the 200-day simple moving average at 1.2688 and generate a shooting star candlestick pattern, considered a bearish reversal formation at peaks. Interestingly, Friday responded by way of a doji candlestick pattern. In some respects, this could imply the upward move derived out of demand at 1.2192/1.2361 lacks enthusiasm and encourage bearish themes this week.
Despite candle action, prudent traders will still want to note supply at 1.3021/1.2844, in the event price cuts above the 200-day simple moving average.
H4 timeframe:
Partially altered from previous analysis -
South of supply at 1.2720/1.2682, traders observed Friday cross paths with channel support (1.2257) and hold.
The next available demand this week, outside of channel support, rests at 1.2462/1.2506, standing just ahead of support at 1.2453.
H1 timeframe:
It was underlined in Friday’s analysis trendline support (1.2257) would likely be a watched base (represents the same level as H4 channel support).
Heading into early Europe Friday, price tested the aforesaid trendline and rallied higher, turning lower only after finding thin air above 1.2650 resistance. As you can see, the pair settled ahead of 1.26 and the current trendline.
South of 1.26, traders will observe the 100-period simple moving average and 1.2550 support.
Structures of Interest:
Long term:
Candlestick action on the daily timeframe emphasises a potential bearish tone under the 200-day simple moving average at 1.2688.
Short term:
According to the bigger picture, long plays off 1.26 today may deliver little upside. As a result, a H1 close under 1.26 this week may be interpreted as a bearish cue to 1.2550 and maybe, with a little enthusiasm, the 1.25 level.
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Thursday had GBP/USD stall just ahead of the 200-day simple moving average at 1.2688 and generate a shooting star candlestick pattern, considered a bearish reversal formation at peaks. Interestingly, Friday responded by way of a doji candlestick pattern. In some respects, this could imply the upward move derived out of demand at 1.2192/1.2361 lacks enthusiasm and encourage bearish themes this week.
Despite candle action, prudent traders will still want to note supply at 1.3021/1.2844, in the event price cuts above the 200-day simple moving average.
H4 timeframe:
Partially altered from previous analysis -
South of supply at 1.2720/1.2682, traders observed Friday cross paths with channel support (1.2257) and hold.
The next available demand this week, outside of channel support, rests at 1.2462/1.2506, standing just ahead of support at 1.2453.
H1 timeframe:
It was underlined in Friday’s analysis trendline support (1.2257) would likely be a watched base (represents the same level as H4 channel support).
Heading into early Europe Friday, price tested the aforesaid trendline and rallied higher, turning lower only after finding thin air above 1.2650 resistance. As you can see, the pair settled ahead of 1.26 and the current trendline.
South of 1.26, traders will observe the 100-period simple moving average and 1.2550 support.
Structures of Interest:
Long term:
Candlestick action on the daily timeframe emphasises a potential bearish tone under the 200-day simple moving average at 1.2688.
Short term:
According to the bigger picture, long plays off 1.26 today may deliver little upside. As a result, a H1 close under 1.26 this week may be interpreted as a bearish cue to 1.2550 and maybe, with a little enthusiasm, the 1.25 level.
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