GBPUSD 04-04-2024

GBPUSD has been making bullish runs from the low of 1.23 in week 17, on 24-04-2024. I frame a bullish overall long term of this pair (detail analysis is for another time).

Price began to retrace after eight weeks, precisely on 12-06-2024 (week 24) from 1.285. Price found support at 1.262 in week 25 (21-06-2024). The pair found support three times showing a similar trend in EURUSD. The difference is that GBPUSD is predominantly bullish while EURUSD’s long term trend is bearish. Both pairs have shown bullish weekly moves, especially breaking the average of the weekly range 1.285 and 1.262 shown with the golden dotted line 1.273. Weekly range in this scenario is the bearish weekly move week 25 on 12-06-2021 and week 26, 21-06-2024. Please note that the weekly range explained in this analysis is two weeks.

Given that the pair's long term trend is bullish, we can ride it till the high of the week 24, 1.285 and watch price action within this price level.

Long term trend: Bullish
Weekly move: Bullish

Disclaimer: Not a trading advice, educational purposes only