GBP/USD: PAT + VPA 11/02/2024Good morning,
The GBP/USD currency pair continues to exhibit characteristics indicative of a sustained bearish trend, currently favoring the U.S. Dollar.
Several analytical indicators support this assessment:
1. The weekly chart for GBP/USD has been in a downward trajectory since September 30, 2024. Candlestick patterns suggest that "Market Makers" are gradually entering the market, purchasing at lower price levels. The weekly low is established at 1.26650, with a demand zone identified between 1.26650 and 1.2815.
2. On the daily chart, GBP/USD appears to be approaching a support level at 1.28168, coinciding with an untapped supply zone in that vicinity.
3. Since September 30, 2024, the market has experienced a decline of approximately 600 points, characterized by minimal daily pullbacks. This downward movement occurred following the formation of a new weekly high. I project that prices will descend to the 1.28168 level, where support may be found on the daily chart. This area could serve as a critical juncture for a potential pullback. Should the 1.28168 level hold, targets may extend to 1.132, representing the last significant low breached prior to the bearish trend that commenced on September 30, 2024, and continues to the present date of November 2, 2024.
Volume analysis indicates that market makers are incrementally entering long positions, although they are not yet prepared to fully influence the market direction. The overarching weekly outlook remains bearish, yet a corrective pullback appears necessary.
OANDA:GBPUSD
TVC:DXY
ThePipAssassin
