FX.co ★ GBP/USD

GBP/USD Analysis If you look at the gbpusd movement, it still has the potential to be quite deeply bearish and currently there is potential for the price to want to be bullish first, from the existing wave structure it appears that the formation displayed is a correction wave formation, namely wave two with an abc pattern. This potential can also be seen from the existence of support and resistance where there is still no strong chance of a strong bearish occurrence. Therefore, I took advantage of this bullish reversal pattern with a sequence that was not too high with quite a large risk. Meanwhile, the stochastic indicator shows that the condition is over sold. This is the result of a fairly deep decline in gbpusd. In recent days the movement has tended to decrease. This is different from before, where the increase was more dominant. It's possible that gbpusd will experience an increase in the nearest demand area, but I hope it's just a correction. After that the movement can go back down again.

Technical Reference: sell as long as it is below 1.25250 Resistance 1: 1.25250 Resistance 2: 1.25420 Support 1: 1.24600 Support 2: 1.24425 GBPUSD has the opportunity to fall in the US session tonight (8/5/24) because the price is able to break out the bearish channel , apart from that this bearish opportunity is also supported by the Moving Average which is above the price indicating the moving average tends to fall and the Zigzag which also starting to be bearish. In line with the analysis of the one hour chart movement, on the 15 M chart above, GBPUSD also shows a chance of decline because Stochastic also still has the possibility of being bearish, the red and blue lines are in the overbought area. This has the opportunity to push GBPUSD towards the support level of 1.24600.