Waiting for Short at Resistance 1.2970 Level.(Weekly Correction)
Technical Market Outlook:
The GBP/USD pair has been moving up since the market opened after the weekend, so the new temporary swing high was made at the level of 1.2857/80. Moreover, the bulls had broken out from the ascending channel and downside trend line from 1.3440, which is rather another confirmation of the positive sentiment despite the overbought market conditions. The next target for bulls is seen at the level of 1.2940 and 1.2980. The nearest support is seen at the level of 1.2780 and 1.2640.
On the GBP/USD pair, the main Monthly base trend is down, The key long-term technical support is seen at the level of 1.2000. The key long-term technical resistance is seen at the level of 1.3218. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
🛑SUPPORT/RESISTANCE
✅S1= 1.2780
✅S2=1.2640
✴️R1=1.2980
✴️R2=1.3090
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The GBP/USD pair has been moving up since the market opened after the weekend, so the new temporary swing high was made at the level of 1.2857/80. Moreover, the bulls had broken out from the ascending channel and downside trend line from 1.3440, which is rather another confirmation of the positive sentiment despite the overbought market conditions. The next target for bulls is seen at the level of 1.2940 and 1.2980. The nearest support is seen at the level of 1.2780 and 1.2640.
On the GBP/USD pair, the main Monthly base trend is down, The key long-term technical support is seen at the level of 1.2000. The key long-term technical resistance is seen at the level of 1.3218. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
🛑SUPPORT/RESISTANCE
✅S1= 1.2780
✅S2=1.2640
✴️R1=1.2980
✴️R2=1.3090
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.
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