Pivotal Points: Analyzing GBP/USD Trends for Strategic Trading
Hello Everyone,
The GBP/USD is currently trading above the annual Pivot Point at 1.255977, indicating a potential correction to lower levels. Pivot Points serve as reliable indicators for predicting the next price movement and deserve careful consideration. The three-month high stands at 1.282775. Although GBP/USD is currently favoring a bullish stance, there is a gradual shift towards bearish territory.
Analyzing trends, the one-year trend is bearish, while the one-month trend appears neutral with short-term bullish tendencies, medium-term bearish but possibly weakening, and long-term bearish. On the weekly chart, there is a short-term and medium-term bullish outlook, but the long-term trend is potentially weakening towards bearish territory. The daily chart still maintains a bullish stance in the short, medium, and long term.
As of now, the overbought/oversold ratio in higher timeframes remains overbought, but there's a beginning shift on the 1-hour timeframe. It is advisable to exercise caution and await a proper resistance structure before considering short positions on GBP/USD.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The GBP/USD is currently trading above the annual Pivot Point at 1.255977, indicating a potential correction to lower levels. Pivot Points serve as reliable indicators for predicting the next price movement and deserve careful consideration. The three-month high stands at 1.282775. Although GBP/USD is currently favoring a bullish stance, there is a gradual shift towards bearish territory.
Analyzing trends, the one-year trend is bearish, while the one-month trend appears neutral with short-term bullish tendencies, medium-term bearish but possibly weakening, and long-term bearish. On the weekly chart, there is a short-term and medium-term bullish outlook, but the long-term trend is potentially weakening towards bearish territory. The daily chart still maintains a bullish stance in the short, medium, and long term.
As of now, the overbought/oversold ratio in higher timeframes remains overbought, but there's a beginning shift on the 1-hour timeframe. It is advisable to exercise caution and await a proper resistance structure before considering short positions on GBP/USD.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Comment:
Impressive reversal was witnessed in this situation.