Updated Intraday technical analysis for major currencies - page 9
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The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend. However, the GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300.
On the 4H chart the GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Last week, last month's high at 1.6307 was retested with significant bearish price action, which enhanced the bearish view for the pair.
Consolidation below the Intraday Support Price Zone 1.6125 - 1.6100 is necessary to maintain bearish movement in the short term. However, bullish retracement is taking place this week, which was expected. Price Zone 1.6170 should be watched for bearish price action and a valid SELL entry with SL just located above 1.6220.
The strength of the current bearish movement indicates bearish domination, the bearish bias first focused on the recent support at 1.6100, 1.6050 then 1.5852 support and November’s low will be a key level to break for further bearish outlook.
Bullish retracement needs to consolidate above 1.6060 in order to be able to shoot for higher levels. That is why, the same level breakdown is essential for further bearish movement.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The daily chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
It is important to note that the bullish retracement movement is still intact as long as it is consolidating above the newly established ascending bottoms around 0.9830 which needs to be broken.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure, which indicated a coming temporary bullish retracement which is taking place this week.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do so today indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9955, 1.0040, and 1.0080.
Support: 0.9850, 0.9805, and 0.9780.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300.
On the 4H chart the GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Last week, last month's high at 1.6307 was retested with significant bearish price action, which enhanced the bearish view for the pair.
Consolidation below the Intraday Support Price Zone 1.6125 - 1.6100 is necessary to maintain bearish movement in the short term. However, bullish retracement took place this week, which was capped around 1.6080 (backside of the broken bullish channel) at earlier time today probably forming a continuation Head and Shoulders pattern to be targeting 1.5930-1.5900 before reversal for a retesting of 1.6170-1.6200 area.
Confirmation of this possible pattern needs fixation below 1.6010 with SL located above 1.6080.
The strength of the current bearish movement indicates bearish domination, the bearish bias first focused on the recent support at 1.6100, 1.6050 then 1.5900 support and November’s low will be a key level to break for further bearish outlook.
Price Zone 1.6170 should be watched for bearish price action and a valid SELL entry with SL just located above 1.6220.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The daily chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
It is important to note that the bullish retracement movement is still intact as long as it is consolidating above the newly established ascending bottoms around 0.9830 which needs to be broken.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure, which indicated a coming temporary bullish retracement which is taking place this week.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do it today indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9880, 0.9955, 1.0040, and 1.0080.
Support: 0.9850, 0.9805, and 0.9780.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300.
On the 4H chart the GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Last week, last month's high at 1.6307 was retested with significant bearish price action, which enhanced the bearish view for the pair.
Consolidation below the Intraday Support Price Zone 1.6125 - 1.6100 is necessary to maintain bearish movement in the short term. However, bullish retracement took place this week, which was capped around 1.6080 (backside of the broken bullish channel) Yesterday probably forming a continuation Head and Shoulders pattern to be targeting 1.5930 - 1.5900 before reversal for a retesting of 1.6170 - 1.6200 area.
Confirmation of this possible pattern needs fixation below 1.6010 with SL located above 1.6080.
The strength of the current bearish movement indicates bearish domination, the bearish bias first focused on the recent support at 1.6100, 1.6050 then 1.5900 support and November’s low will be a key level to break for further bearish outlook. However, lack of bearish pressure at the current time may indicate bullish retracement first towards 1.6170.
Price Zone 1.6170 should be watched for bearish price action and a valid SELL entry with SL just located above 1.6220.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300.
On the 4H chart the GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Bullish retracement took place this week after testing 1.6000, which was capped around 1.6080 (backside of the broken bullish channel) then 1.6 was tested once more Yesterday. However, failure to consolidate below 1.6 again indicated a reversal for a retesting of 1.6170 - 1.6200 area as expected in Yesterday's article.
Price Level 1.6170 should be watched for bearish price action and a valid SELL entry with SL just located above 1.6220.
Price 1.6115 (being tested today) should be broken down early in order to confirm the bearish bias for today. However, failure to do so indicates a possible bullish double bottom pattern to be targeting at 1.6200-1.6230 levels.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The daily chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure. However, bullish retracement that took place this week was capped around 0.9880.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do it today indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9880, 0.9955, 1.0040, and 1.0080.
Support: 0.9830, 0.9805, and 0.9780.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure. However, bullish retracement that took place after it was capped around 0.9880.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785 which needs fixation below 0.9830 to be confirmed. However, failure to do it today indicates a bullish reversal for a retest of 0.9900 - 0.9920 again.
Resistance: 0.9880, 0.9955, 1.0040, and 1.0080.
Support: 0.9830, 0.9805, and 0.9780.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300.
The GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel & 50% Fibonacci Level). However, failure to consolidate below 1.6110 again indicated a reversal for a retesting of 1.6170 - 1.6200 area again.
Price 1.6115 should be broken down early in order to confirm the bearish bias for today. However, failure to do so indicates a possible bullish double bottom pattern to be targeting at 1.6200-1.6230 levels.
Price Level 1.6170 should be watched for bearish price action and a possible SELL entry with SL just located above 1.6220.
The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the chart, the last push ended up forming an inverted hanging man daily candlestick indicating a false break above 1.6300 establishing a significant resistance zone.
Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel and 50% Fibonacci Level).
Prices 1.6115 and 1.6080 were broken down yesterday confirming the bearish bias for the pair in the short term. However, there is some recovery from yesterday’s low at 1.6030 which is located ahead above a critical intraday support zone around 1.6000 -1.5990. The loss of it would trigger considerable bearish momentum towards 1.5960 and then to 1.5900.
Price Levels 1.6080 and 1.6170 should be watched for bearish price action and further SELL entries with SL just located above 1.6220.