What to expect from GBPUSD at multi-year lows
GBPUSD bears have dominated the market so aggressively over the past 14 months. The Russia/ Ukraine war, Socio-economic tensions, and the successive FED interest rate hikes have only served to accelerate this sell-off.
However, price has reached a pivot as it bounced off 1.1500 psychological level which is also a double bottom pattern on both the Weekly and Monthly charts. To put things into perspective, you'd have to go back to April 1985 to get a lower price than this current level! This is way before the market even became deregulated for retail trading! This level could serve as a profit taking level which could attract some Bullish price action in the coming days
The Daily chart also hit a Descending Channel support which intersects the key level support.
We have had successive bearish BOS on the H1. Before I go long, I will like to have a shift in direction signified by a CHOCH then a pullback to a H1 demand level
However, price has reached a pivot as it bounced off 1.1500 psychological level which is also a double bottom pattern on both the Weekly and Monthly charts. To put things into perspective, you'd have to go back to April 1985 to get a lower price than this current level! This is way before the market even became deregulated for retail trading! This level could serve as a profit taking level which could attract some Bullish price action in the coming days
The Daily chart also hit a Descending Channel support which intersects the key level support.
We have had successive bearish BOS on the H1. Before I go long, I will like to have a shift in direction signified by a CHOCH then a pullback to a H1 demand level
ملاحظة
As expected a CHOCH on the H1 has been spotted. I await the pullback then a good entry to go long
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.