FX.co ★ GBP/USD

GBPUSD Price Movement Analysis: In this discussion, we will look at the price movements in the GBP/USD currency pair. Sellers now dominate the order book for the GBP/USD currency pair. However, there is significant potential for upward growth. That is most likely due to a large accumulation of sell orders at 1.32358. As part of my trading strategy, I recommend buying at 1.32358, with a first profit objective of 1.33408 and a stop loss below 1.32208. If the price falls below 1.32208, we will reconsider alternate strategies. The overall volume rise on this bearish candle, as well as the RSI and MACD indicators, point to the probability of a correction. As a result, I still see 1.32096 as a critical reversal point, with the possibility for sideways movement between 1.32096 and 1.33518. On a second rebound, the next target might be 1.34187. While this is just speculation, the 1.35358 number may come into play if the wedge changes into a channel by breaching its bottom border. So far, everything is going as planned, with the strength of the pound still obvious. On the daily chart, GBP/USD encountered resistance around 1.33518, but I missed the chance to purchase before this upward advance. Since May, the pair has been trading between this resistance level and the upper trendline, resulting in a corrective phase. Despite the ambiguity surrounding its bottom limit, this correction may continue inside the present wedge pattern. Today's bearish candle looks to be powerful, indicating a reversal, but a big support level has established around 1.32096, which may keep the pound from hitting the lower trendline for the time being. If the price hits 1.32096 during the Asian session, I intend to purchase at that level.