GBPUSD Weekly Technical Outlook
The GBPUSD weekly outlook is sideways. Last week, GBPUSD market operation on the weekly time frame retested the 1.25300/1.26700 horizontal resistance zone (red). Although market operation saw a bullish drive above the zone last week, the bullish print closed at the upper boundary, leaving a relatively moderate shadow on top. This is indicative of bearish pressure to defend a bullish breakup of the zone. The technical structure is bearish.
GBPUSD price action on the daily time frame is sideways. There was a bullish break of the 1.25300/1.26700 horizontal resistance zone (red) on Thursday, but on Friday bears pushed back the bullish charge. Technically, the short-term impulse is bullish. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
Although GBPUSD price action on the H4 time frame took on a bearish mode on Friday, the technical impulse favours bulls. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
I may be wrong. Trade safe and prosper.
KP
The GBPUSD weekly outlook is sideways. Last week, GBPUSD market operation on the weekly time frame retested the 1.25300/1.26700 horizontal resistance zone (red). Although market operation saw a bullish drive above the zone last week, the bullish print closed at the upper boundary, leaving a relatively moderate shadow on top. This is indicative of bearish pressure to defend a bullish breakup of the zone. The technical structure is bearish.
GBPUSD price action on the daily time frame is sideways. There was a bullish break of the 1.25300/1.26700 horizontal resistance zone (red) on Thursday, but on Friday bears pushed back the bullish charge. Technically, the short-term impulse is bullish. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
Although GBPUSD price action on the H4 time frame took on a bearish mode on Friday, the technical impulse favours bulls. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
I may be wrong. Trade safe and prosper.
KP
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