GBP/USD Multi-Timeframe Summary (May 13–17):
On the daily chart, GBP/USD faces strong resistance at 1.345–1.350 (double-top) and support near 1.280–1.290. The recent pullback to 1.320 aligns with the 61.8% retracement of the April–May rally.
On the hourly chart, price is consolidating in a falling channel between 1.318–1.336, with a bear trap on May 8 indicating demand near the lows. A clean hourly break above 1.336 suggests momentum toward 1.345, while a break below 1.318 targets the 1.300–1.290 daily demand zone.
The 15-minute chart shows a V-reversal from 1.314, followed by a tight flag between 1.318–1.322. This zone offers short-term breakout or fade trades.
Key levels:
Resistance: 1.336, 1.345
Support: 1.318, 1.312, 1.290
Trade triggers: Buy >1.322, Sell <1.318 (tight stops, 15–30 pip targets)
Strategy:
Scalp intraday flags on 15′, trade hourly range extremes, and watch for a breakout from the daily structure.
On the daily chart, GBP/USD faces strong resistance at 1.345–1.350 (double-top) and support near 1.280–1.290. The recent pullback to 1.320 aligns with the 61.8% retracement of the April–May rally.
On the hourly chart, price is consolidating in a falling channel between 1.318–1.336, with a bear trap on May 8 indicating demand near the lows. A clean hourly break above 1.336 suggests momentum toward 1.345, while a break below 1.318 targets the 1.300–1.290 daily demand zone.
The 15-minute chart shows a V-reversal from 1.314, followed by a tight flag between 1.318–1.322. This zone offers short-term breakout or fade trades.
Key levels:
Resistance: 1.336, 1.345
Support: 1.318, 1.312, 1.290
Trade triggers: Buy >1.322, Sell <1.318 (tight stops, 15–30 pip targets)
Strategy:
Scalp intraday flags on 15′, trade hourly range extremes, and watch for a breakout from the daily structure.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.