Thread: Weekly Top-Down Technical Analyses

GBPUSD Weekly Technical Outlook

The GBPUSD is Currently in a sideways mode. On the time frame, though recent order flow context favours bulls, there is nevertheless some bearish pressure. Presently, the 1.23030/1.25500 area (blue) is the market working zone. Inside the zone market operation printed a relatively large bullish candlestick that neutralized the bearish movement of 3 weeks past.



At the daily time frame, a rising trendline (magenta) traceable to March 20 has been broken down by price action. Presently, bulls are effecting a clear retest of this trendline but they will have to compete with the neighboring horizontal resistance around 1.25500. Any successful retest of this rising trendline can see a bullish vision to target the 1.26700 horizontal resistance area (red). However a successful bearish intervention may see a retest of this 1.23030 base of the horizontal station (blue) found on the weekly time frame prior to any vision to expose the 1.21700 support zone.



Since July 1, the candlestick prints on the H4 time frame -- using more and bigger bullish candlesticks than bearish ones -- are in favour of bulls. However, price action is coming the S/R amount around 1.25500 and we can observe a weakening of this bullish influence. This might be a consequence of the bank holiday in the USA last Friday. We ought to await how the market handles the 1.25500 place in the first part of the week.



I might be incorrect. Trade secure and prosper.

KP

Originally Posted by ;

GBPUSD Weekly Technical Outlook The GBPUSD is Currently in a sideways mode. Over the weekly time frame, though recent order flow context favours bulls, there's still some bearish pressure. Currently, the 1.23030/1.25500 region (blue) is the market working zone. Within the zone market performance printed a big bullish candlestick that neutralized the bearish move of 3 weeks past. image On the daily time frame, a rising trendline (magenta) traceable to March 20 was broken down by price action. Currently, bulls are effecting...

In this scenario, maybe there will be influence from corona amounts, GB opened bars within this week, in case monday or tuesday infected amounts stay low, GU moves up?

Rather idea mate. Things are not that straight forward in Forex trading. Always remember that smart money money, controls the markets.

KP

Originally Posted by ;

quote In this instance, maybe there'll be sway from corona amounts, GB opened pubs in this week, when monday or tuesday infected amounts stay low, GU moves up?