- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bullish impulse is decelerating, eyes on 1.2150
GBP/USD Price Analysis: Bullish impulse is decelerating, eyes on 1.2150
- GBP/USD bears are lurking in a key area of potential resistance.
- 1.1900 is eyed on the downside extreme on a break below 1.2150/00.
The outlook is bearish for GBP/USD while below 1.2400 and 1.2220 nearer-term highs. The following illustrates GBP/USD's W-formation and test of mid-December highs where a failure to break higher would eventuate in a bearish thesis for the days ahead.
GBP/USD daily charts
As seen, the market is on the back side of the recent supportive trendline and the price broke 1.1900 structure leaving a bearish bias on the charts.
Zoomed in...
The W-formation is supportive of the bearish thesis given that it is a reversion pattern.GBP/USD would be expected to revert towards the neckline and day's lows of near 1.2080. This level guards a run to the prior broken lows of 1.1900 and 1.1778 below there. A break of that opens risk for a run to 1.1350.
GBP/USD H1 chart
At this juncture, the lower time frames can be monitored for a deceleration of the bullish run and signs of distribution as follows:
1.2170, 1.2150 and 1.2113 areas are meanwhile key structure target levels. These guard against a full-on capitulation of the bulls and bears taking over towards the 1.1900 target area.
© 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
