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A stop run through 1.22 into 127.2% Fib support at 1.2163?
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Early February 2018 saw the pair reject 1.4520/1.3893, a 50.0% retracement and 38.2% Fib retracement combination (red). This, along with trendline resistance (2.1161), remains a well-rounded resistance area to keep an eye on long term.
In recent months, a recovery formed off 1.1904/1.2235, clocking highs of 1.3514 in December 2019 and breaking the 1.3380 March 2019 high. The month of February declined nearly 3.00%, with March currently extending losses, consequently reconnecting with 1.1904/1.2235.
Daily timeframe:
As of current price on the daily timeframe, we are seeing buyers defend a 161.8% Fib ext. from 1.2231, shadowed by demand coming in at 1.2178/1.2061. Despite an earnest attempt to highs at 1.2423, demand-turned supply at 1.2404/1.2470 capped upside.
With respect to the RSI indicator, the unit remains within oversold waters, though appears to be flattening.
H4 timeframe:
After retesting the underside of a demand-turned supply at 1.2404/1.2470, demand at 1.2162/1.2220 was tested on Monday; this is the third time price action has revisited this zone. Although the area holds into Asia hours, pencilling in demand from 1.2101/1.2050 may be an idea in the event we travel lower today.
H1 timeframe:
Despite an optimistic start to the week, things quickly turned sour after price action prodded a demand-turned supply zone at 1.2405/1.2460. Price proceeded lower, formed within the limits of a descending channel formation (green - 1.2420/1.2284), tunnelling through 1.23 and bottoming north of 1.22 by a handful of points.
While technical structure remains compressing within the said descending channel pattern, traders are urged to consider the larger descending channel configuration in play (black 1.2964/1.2490). Another support point worthy of note is the 127.2% Fib ext. at 1.2163.
Structures of Interest:
While the market’s trend exhibits a strong bearish tone right now, monthly, daily and H4 timeframes show supportive structures in play. With this being the case, a stop run south of 1.22 could occur today, testing the 127.2% Fib ext. at 1.2163, for an advance back above 1.22, targeting the current H1 channel resistances and 1.23.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Early February 2018 saw the pair reject 1.4520/1.3893, a 50.0% retracement and 38.2% Fib retracement combination (red). This, along with trendline resistance (2.1161), remains a well-rounded resistance area to keep an eye on long term.
In recent months, a recovery formed off 1.1904/1.2235, clocking highs of 1.3514 in December 2019 and breaking the 1.3380 March 2019 high. The month of February declined nearly 3.00%, with March currently extending losses, consequently reconnecting with 1.1904/1.2235.
Daily timeframe:
As of current price on the daily timeframe, we are seeing buyers defend a 161.8% Fib ext. from 1.2231, shadowed by demand coming in at 1.2178/1.2061. Despite an earnest attempt to highs at 1.2423, demand-turned supply at 1.2404/1.2470 capped upside.
With respect to the RSI indicator, the unit remains within oversold waters, though appears to be flattening.
H4 timeframe:
After retesting the underside of a demand-turned supply at 1.2404/1.2470, demand at 1.2162/1.2220 was tested on Monday; this is the third time price action has revisited this zone. Although the area holds into Asia hours, pencilling in demand from 1.2101/1.2050 may be an idea in the event we travel lower today.
H1 timeframe:
Despite an optimistic start to the week, things quickly turned sour after price action prodded a demand-turned supply zone at 1.2405/1.2460. Price proceeded lower, formed within the limits of a descending channel formation (green - 1.2420/1.2284), tunnelling through 1.23 and bottoming north of 1.22 by a handful of points.
While technical structure remains compressing within the said descending channel pattern, traders are urged to consider the larger descending channel configuration in play (black 1.2964/1.2490). Another support point worthy of note is the 127.2% Fib ext. at 1.2163.
Structures of Interest:
While the market’s trend exhibits a strong bearish tone right now, monthly, daily and H4 timeframes show supportive structures in play. With this being the case, a stop run south of 1.22 could occur today, testing the 127.2% Fib ext. at 1.2163, for an advance back above 1.22, targeting the current H1 channel resistances and 1.23.
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