- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bulls move in from critical hourly support
GBP/USD Price Analysis: Bulls move in from critical hourly support
- GBP/USD bears take control ahead of the central bank meetings this week.
- Bulls and bears battle it out at key hourly support.
GBP/USD has been in the hands of the bears at the start of this week in the lead into the centerpiece events being the Bank of England and the Federal Reserve. Currently, the price is attempting to correct from the lows of 1.1357 at 1.1370 but is well off from the highs of the day's range at 1.1460. The following illustrates the market structure from both a near-term and longer-term perspective.
GBP/USD H1 chart
From an hourly perspective, the price has run into a familiar support area and would be expected to correct higher from here with the price imbalance between 1.1380and close to 1.40 the figure eyed.
GBP/USD daily chart
Overall, as per the daily chart above and the weekly below, the price is in a strong bearish trend which leaves the focus on the downside, especially as the bears take out the 2020 low of 1.1410.
GBP/USD weekly and month charts
1.1240 and 1.0520 are a focus on the longer-term outlook. However, a revisit to 1.19 and 1.20 in a mean reversion of the recent monthly bearish impulse to meet and prior lows could be in order:
© 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
