From the monthly, GBPUSD had been on a downtrend since 2014.
From the weekly, the second previous lower high had the ranges of 1.3300 to 1.33800. GBPUSD made a new higher high later that around 1.35 level but couldn’t close above 1.338 level. This signifies that there are a high volume of sellers at 1.35 level pushing the price down. Perhaps it was due to the overall downtrend from the monthly still holds + the psychology level of 1.35. The price was further pushed down from 1.3325 down into near 1.30.
After placing a fibonacci retracement on the weekly, 1.34515 is the level I am looking for GBPUSD to retest against before moving further down to continue the monthly downtrend. However, the daily of 31st December must first close above 1.315 to continue the daily upward momentum of this week. It were to close above, I am anticipating a long position up to around 1.34 and perhaps 1.345. Backing up this analysis, the Moving Averages have already crossed paths on the daily. On the 4 hourly, the moving averages still suggest a strong uptrend with no signs of the bull momentum slowing down.
I will have to monitor this pair into the next year.
Happy 2020!
From the weekly, the second previous lower high had the ranges of 1.3300 to 1.33800. GBPUSD made a new higher high later that around 1.35 level but couldn’t close above 1.338 level. This signifies that there are a high volume of sellers at 1.35 level pushing the price down. Perhaps it was due to the overall downtrend from the monthly still holds + the psychology level of 1.35. The price was further pushed down from 1.3325 down into near 1.30.
After placing a fibonacci retracement on the weekly, 1.34515 is the level I am looking for GBPUSD to retest against before moving further down to continue the monthly downtrend. However, the daily of 31st December must first close above 1.315 to continue the daily upward momentum of this week. It were to close above, I am anticipating a long position up to around 1.34 and perhaps 1.345. Backing up this analysis, the Moving Averages have already crossed paths on the daily. On the 4 hourly, the moving averages still suggest a strong uptrend with no signs of the bull momentum slowing down.
I will have to monitor this pair into the next year.
Happy 2020!
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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.