FX.co ★ GBP/USD

GBPUSD H4 Chart Review: Let's examine the price movement of the GBP/USD currency pair in more detail. The market sentiment is strongly in favor of buyers, despite the unclear long-term trade outlook. At the moment, only 32% of traders are selling, compared to about 67% who are purchasing. There is a good chance that the daily chart will rise to the upper border of the previously established descending price channel at 1.34862. I anticipate that the bearish channel's downward trend will continue and that the resistance line will rebound. A "Wedge" pattern with good fuel that will move out in one direction can be seen on the "H4" chart. With a consolidation around 1.34122, the sell level has been eliminated, making the bear a priority on the H4 chart right now. I get a downward signal when the bearish level is broken, which also makes it possible for GBP/USD to decline toward support levels. I will receive a signal for growth if GBP/USD once more makes a false breakout of the bearish sell level, hurries to the bullish buy level, breaks through it, and consolidates on it. If that's the case, I'll begin thinking about growth-to-resistance possibilities. The price of 1.36622 is the first notable barrier, and 1.38742 is the next. My current bullish purchase level is at 1.35362. The price was kept below half of the zone on Tuesday by the bearish impulse candle, which created a bearish engulfing pattern. This suggests a negative outlook for the market, and the weekly control zone's sales target is still in effect. I had suggested thinking about selling the British pound from the supply zone 1.34382-1.34632, and the sell price has now been established. If there is a decline, I will think about selling at 1.34862, which is half of Tuesday's daily absorption candle.