![]() ![]() British Pound Trader Sentiment - GBP/USD Price Chart Review my latest British Pound Weekly Forecast for a closer look at the longer-term GBP/USD technical trade levels. Keep in mind we still have the US Consumer Price Index (CPI) on tap into the close of the week. Ultimately, a break of the monthly lows would threaten resumption of the broader downtrend towards 1.10 and the low-day close at 1.0679. From a trading standpoint, losses should be limited to Friday’s low IF price is indeed heading higher on this stretch. Resistance steady at 1.1630/50 backed by channel resistance (currently ~ 1.17) – a topside breach / close above this trendline would be needed to suggest a larger trend reversal is underway towards the 38.2% retracement of the 2021 decline at 1.1843.įor a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategyīottom Line: Sterling is testing yearly downtrend resistance here with the weekly opening-range taking shape just below- the larger focus is on an eventual breakout of the 1.1151-1.1650 range for guidance. Weekly open support rests at 1.1305 with near-term bullish invalidation now raised to the 38.2% retracement of the October rally at 1.1151. The weekly opening-range is set just below this slope. Notes: A closer look at Sterling price action show GBP/USD trading within the confines of a short-term ascending channel formation (possible flag) with this week’s rally once again failing at year channel resistance. ![]() British Pound Price Chart - GBP/USD 240min Once again I’m looking for the breakout to further guidance here. The November opening-range is set just below this threshold with price straddling the 1.1414/80 zone for the past few days. Note that these levels converges on yearly downtrend resistance at the February trendline. From a trading standpoint, losses should be limited to 1.1120 IF price is heading higher on this stretch.” Sterling ripped through resistance into the close of October before reversing off confluent resistance at 1.1630/50- a region define by the 61.8% Fibonacci extension of the September rally and the 2020 low-day close. ![]() Technical Outlook: In last month’s British Pound Short-term Technical Outlook, I noted that GBP/USD was trading just below, “resistance at 1.1414/80- look for the breakout. Get My Guide British Pound Price Chart - GBP/USD DailyĬhart Prepared by Michael Boutros, Technical Strategist GBP/USD on Tradingview ![]()
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