- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Something here for both the bulls and bears at key daily support
GBP/USD Price Analysis: Something here for both the bulls and bears at key daily support
- GBP/USD is on the verge of a bearish breakout, but support could be firm.
- The bulls will monitor for accumulation at this juncture.
GBP/USD is stalling at a critical level of daily support and the following is an analysis of the markets structure and potential hypothetical outcomes from both a bearish and bullish point of view.
GBP/USD daily chart
GBP/USD daily chart prospects
From a bullish perspective, following a phase of accumulation, the price would ideally break the prior highs and on a retest of that old resistance, the bulls would be expected to engage at a discount protected by a support structure.
Meanwhile, from a bearish perspective, the price could break the current support structure and bears could well be inclined to engage on a restest of the old support that would be expected to act as resistance.
The above scenario presumes a downside continuation and a correction of that impulse, to say, a 38.2% Fibonacci retracement from where the confluence of the old support will act as a firm resistance. Thus a continuation could be traded from within the next bearish impulse and downside continuation.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
