- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bulls eye longer-term key neckline resistance
GBP/USD Price Analysis: Bulls eye longer-term key neckline resistance
- GBP/USD bulls are tiring following the recent run to fresh bull cycle highs.
- US Dollar, DXY, is consolidating the slide in a support area.
As per the prior analysis, GBP/USD Price Analysis: Bulls are in the market and eye a bullish extension, the currency pair has indeed rallied as being supported on the front side of the bullish trend.
Since the prior analysis, both the Federal Reserve and the Bank of England have made their interest rate decisions, the former forcing some observers to reconsider their US Dollar forecasts as the currency slides to the lowest levels last seen at the end of January in the DXY index:
The weekly chart for DXY shows the price plummeting this week so far into a support area and the M-formation is a reversion pattern that could draw the index back towards the neckline in the foreseeable future.
Nevertheless, the bears are in the market still but there is some deceleration of the slide taking place currently as per the following 4-hour chart:
GBP/USD technical analysis
Meanwhile, GBP/USD is also consolidating fresh corrective highs.
GBP/USD prior analysis
it was explained that there were inverse head and shoulders on both the daily and 4-hour charts
Given the 4-hour neckline was already broken, and owing to the M-formation being a reversion pattern, the bias was bullish with the price on the front side of the trend.
GBP/USD update
GBP/USD rallied as per the bullish bias and is moving in on the longer-term chart´s head shoulders neckline:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
