GBPUSD Forecast – Bearish Pin Bar Risk, $1.22000 Key Level
The post GBPUSD Forecast – Bearish Pin Bar Risk, $1.22000 Key Level appeared first on Get Know Trading.
GBPUSD Analysis Today
Previous GBPUSD forecast talked about $1.19000 as a key level for the buyers where the price could move and stop.
The price started the week with a small bullish candle and ended the week with a small bullish candle which makes the week bullish.
But, the price could not break above previous Friday candle which means the bulls could not find strength to move higher.
Tuesday and Wednesday candles formed bearish candles that showed sellers strength and which was a small trigger for the price to move down.
Thursday and Friday candles returned the price higher and closed the week as a bullish.
The price is now inside the indecision area which the price needs to break to determine future move.
The $1.22000 level is a strong confluence of resistance where monthly downtrend channel resistance line and horizontal resistance line are crossing and preventing the price to move higher.
We have a weekly uptrend that was broken to the downside and the daily time frame shows not so strong bullish momentum.
With these strong resistance levels the price will have a hard time to break above, but if the price manages to close above $1.22000 level the next target is $1.23000 which is the next confluence of resistance levels on a daily and weekly time frame.
On the downside we have $1.19000 level that is the daily support and $1.17000 as a weekly support. If the price does not manage to close the week above $1.22000 we could see the supply zone around $1.22000 pushing the price down to lower levels which the monthly bearish pin bar is pointing to.
First the price needs to close below $1.19000 to confirm weakness and from there we will see the next potential levels on the downside.
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Entry GBPUSD: If you want to see how to play this scenario join G-Trader
If you want to know how much pips GBPUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: GBP/USD Pip Range Analysis
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The post GBPUSD Forecast – Bearish Pin Bar Risk, $1.22000 Key Level appeared first on Get Know Trading.
