Skip to main content

January 12, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

#

analytics63c030bc3ed03.jpg

Previously, the GBP/USD pair remained under bearish pressure to challenge the new daily low established around 1.2150 which was bypassed few days after.

However, considerable support zone existed around 1.1850-1.1900 which has prevented further bearish decline for sometime.

However, as bullish momentum started to fade away, more bearish visits were expected to challenge new historical low level around 1.0600 where significant Fibonacci Expansion level was located.

Further bullish continuation above 1.1765 was expected in previous articles specially after the newly-established ascending bottoms around 1.1150 and 1.1750 remained defended by the bulls.

Price action around 1.2340 was being watched for bearish rejection and a short-term SELL Entry. It is running in profits despite the temporary bullish bounce that has been expressed.

On the other hand, another bearish pullback towards the price levels of 1.1750 should be expected for another long-term BUY Entry with initial target around 1.2350.


Trading analysis offered by Flex EA.
Source #Unknown
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more