H4 demand at 1.2462/1.2506 is likely on the cards
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) remains clear structure on the monthly timeframe at the moment, 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, essentially placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Demand at 1.2192/1.2361 recently received price action, stirring a notable bid. This is an area not only fastened to the top edge of monthly support, but also considered the decision point that broke 1.2647 (April 14 high). To the upside, traders will still be looking at the 200-day simple moving average at 1.2685 as the next available resistance, with a violation uncovering supply at 1.3021/1.2844.
H4 timeframe:
Thanks to a bump higher Tuesday, demand at 1.2462/1.2506 came to life, stationed just north of support at 1.2453. Resistance at 1.2629 will call for attention should GBP/USD maintain its bullish tone today, with a break of this level likely to see price work its way towards nearby supply at 1.2720/1.2682.
H1 timeframe:
Tuesday settled a few pips under 1.2550 after modestly fading session peaks at 1.2592. This has drawn attention back to 1.25, a level offering a well-grounded support to work with today, aligning with two trendline supports (1.2529/1.2257) and the 100-period simple moving average (red oval).
Structures of Interest:
A pullback to H4 demand at 1.2462/1.2506 is likely on the cards, which happens to house the 1.25 handle within its upper boundary. Local convergence around 1.25 on the H1, along with H4 demand, is likely enough to keep sterling on the winning side of the table.
(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) remains clear structure on the monthly timeframe at the moment, 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, essentially placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
Demand at 1.2192/1.2361 recently received price action, stirring a notable bid. This is an area not only fastened to the top edge of monthly support, but also considered the decision point that broke 1.2647 (April 14 high). To the upside, traders will still be looking at the 200-day simple moving average at 1.2685 as the next available resistance, with a violation uncovering supply at 1.3021/1.2844.
H4 timeframe:
Thanks to a bump higher Tuesday, demand at 1.2462/1.2506 came to life, stationed just north of support at 1.2453. Resistance at 1.2629 will call for attention should GBP/USD maintain its bullish tone today, with a break of this level likely to see price work its way towards nearby supply at 1.2720/1.2682.
H1 timeframe:
Tuesday settled a few pips under 1.2550 after modestly fading session peaks at 1.2592. This has drawn attention back to 1.25, a level offering a well-grounded support to work with today, aligning with two trendline supports (1.2529/1.2257) and the 100-period simple moving average (red oval).
Structures of Interest:
A pullback to H4 demand at 1.2462/1.2506 is likely on the cards, which happens to house the 1.25 handle within its upper boundary. Local convergence around 1.25 on the H1, along with H4 demand, is likely enough to keep sterling on the winning side of the table.
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