The GBPUSD had a bearish momentum yesterday on broad USD rally after a better than expected US final GDP data and now struggling around 1.4075 support area as you can see on my daily chart below, which is a good place to buy with a tight stop loss as a clear break below 1.4075 would expose 1.4000 or lower.
Immediate resistance is seen around 1.4125. A clear break above that area could lead price to neutral zone in nearest term testing 1.4175 – 1.4200 region. Overall I remain bullish.
The GBPUSD continued its bearish momentum yesterday broke below 1.4075 support area, bottomed at 1.4010. The bias is bearish in nearest term testing 1.3950 region. Immediate resistance is seen around 1.4075. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear.
From a longer term technical perspective as you can see on my daily chart below, the failure to break above 1.4275 this week could create a double top formation with neckline seen at 1.3710 region. It is still a long way to go to confirm the double top scenario, as we would need a break below 1.3710, but we need a clear break above 1.4275 to resume the major bullish trend.
The GBPUSD attempted to push higher last week topped at 1.4243 but whipsawed to the downside an closed lower at 1.4009. From a H4 chart perspective as you can see on my H4 chart below we have a confirmed “head and shoulders” formation. The bias is bearish in nearest term especially if price able to make a clear break below 1.4010 testing 1.3950 or lower.
Immediate resistance is seen around 1.4075. A clear break above that area could lead price to neutral zone in nearest term testing 1.4150 region.
The GBPUSD was indecisive yesterday. Price attempted to push higher, retest the neckline of the “head and shoulders” formation as you can see on my H4 chart below but closed lower at 1.4043. This fact keeps the H&S bearish scenario remains intact but we still need a break below 1.4010 to send the pair to the downside testing 1.3950 or lower.
On the upside, a clear break back above 1.4075 would invalidate the H&S formation testing 1.4150 area. My major bullish outlook remains valid but need a clear break above 1.4275 to resume the major bullish trend.
The GBPUSD had another indecisive movement yesterday but keep making higher highs and lows since Monday and slipped above the neckline of the H&S formation as you can see on my H4 chart below. It might be too early to say that the H&S formation is no longer valid but we need a clear break below 1.4010 to confirm the bearish scenario. The bias is bullish in nearest term testing 1.4150 region.
Immediate support is seen around 1.4050. A clear break below that area could lead price to neutral zone in nearest term testing 1.4010 key support.
The GBPUSD had another indecisive movement yesterday. The bias is neutral in nearest term. Price slipped above the neckline of the H&S formation as you can see on my H4 chart below, but it is too early to say that the H&S bearish scenario is no longer valid.
Immediate support is seen around 1.4050 but key support remains at 1.4010 which need to be clearly broken to the downside to confirm the bearish scenario testing 1.3950 – 1.3900 region or lower. On the upside, a consistent movement above the neckline and 1.4100 would invalidate the H&S scenario. My major technical outlook remains bullish but need a clear break above 1.4275 to resume the major bullish trend.
The GBPUSD had a bearish momentum yesterday slipped below 1.4010 support area after failed to break above the neckline of the H&S formation as you can see on my H4 chart below. The bias is bearish in nearest term testing 1.3950 – 1.3900 region.
Immediate resistance is seen around 1.4030. A clear break above that area could lead price to neutral zone in nearest term testing 1.4075 – 1.4100 area. My major bullish outlook remains intact but need a clear break above 1.4250/75 key resistance to end the current bearish consolidation phase and resume the major bullish trend.
The GBPUSD didn’t make significant movement last week. The bias is neutral in nearest term probably with a little bullish bias. The H&S scenario remains valid, but price is now retesting the neckline of the H&S formation as you can see on my H4 chart below after failed to break below the EMA 200 support area.
A clear break and consistent movement above 1.4100 would invalidate the H&S scenario testing 1.4200 area but key resistance remains at 1.4275 region which need to be clearly broken to the upside to potentially end the current bearish/consolidation phase and resume the major bullish trend. On the downside, we need a clear break below 1.4010 and the H4 EMA 200 to continue the bearish phase.
The GBPUSD continued its bullish momentum yesterday topped at 1.4163 but closed a little bit lower at 1.4128. The H&S scenario is no longer valid. From a daily chart perspective as you can see on my daily chart below, price is still moving sideways between 1.3710 – 1.4275, but as long as stay above the trend line support, my major outlook remains bullish. The bias is bullish in nearest term testing 1.4200 area but key resistance remains around 1.4275 region which need to be clearly broken to the upside to potentially end the current consolidation phase and resume the major bullish trend.
Immediate support is seen around 1.4075. A clear break below that area could lead price to neutral zone in nearest term testing 1.4000 – 1.3960 region.
The GBPUSD had a significant bullish momentum yesterday, broke above 1.4297, topped at 1.4343 and hit 1.4354 earlier today in Asian session. The bias is bullish in nearest term. This fact not only invalidates the bearish pin bar scenario but could end the consolidation phase and resume the major bullish trend targeting 1.4500 area especially if price able to make a consistent movement above 1.4350.
Immediate support is seen around 1.4275. A clear break back below that area could lead price to neutral zone in nearest term and keep price in consolidation phase. My major technical outlook remains bullish.
