Price hasn't changed significantly over the past 24 hrs to confirm continuation of a bullish trend. This basically can be interpreted as a bullish pause. The trend may look bearish especially on the 1H, Daily chart because stochastic oscillator is hovering over overbought territory as price chills close to multi-day highs. I'd rather wait to see how price reacts...
A after a significant bullish rally,a new trend could be emerging. It is evident from the chart that there's some resistance at the 0.786,0.5,0.236 Fibonacci Extension levels. If and when this resistance persists, bearish impulse is to be expected. However, I'm looking into the future with an open mind. Good luck in your trading!
Stochastic oscillator (5,3,3) is slightly above oversold levels (4H chart).
Traders will be paying close attention to Non Farm Payrolls data. Scenario 1:A higher than expected reading (bearish)- support at 78.6%/100% Fib retracement level
Scenario 2: a lower than expected reading (bullish)- A breakout at 61.8% Fib retracement level
FX_IDC:GBPEUR This pair so a brief decline of approx. 1% after the ECB raised interest rates to 4% on 15-June-2023. The currency pair is now facing it's biggest hurdle i.e. resistance at 1.1730. With expectations of another rate hike looming in the air, price may move to 1.1662/1.1551 before moving higher.
I'd like to know your thoughts. And as always,Good Luck!
NOTE:-Range formed between Fri 24th '23 & Wed 24th May '23.
0.66058-bottom of range
0.67818- top of range
EXPECTATIONS:-A breakout of price from the purple line/blue line to signal an uptrend or down trend respectively.
PATIENCE is key!
Several traders are bearish on this name. There are some who think it'll close below 1700 by the end of this year. I want a short squeeze for Christmas. Am I crazy? Probably. I know you disagree with me so feel free feel to like & let me know what's on your mind in the comments below.
I see untested support level at price 1.17216 which has potential for fresh demand. GBPUSD is facing resistance at price 1.20382 on the 4H timeframe.Take profit:1.17216. Stop loss:1.21817
