GBPUSD Tries Halting Daily Chart Downchannel Near Key 1.20 Level
GBPUSD Weekly/Daily/4hr
The (GBPUSD) is trying to firm after getting rejected at downchannel resistance (on the daily chart) and sliding roughly 100 pips. Regardless of any further profittaking in the next day or so, odds are elevated for a resumption of the rally off last week’s fresh 2023 low to the 2023 high by April sometime. With last week’s weekly Hammer and the GBPUSD finding support yesterday around the psychologically key 1.20 whole figure level, the GBPUSD does not appear to have any further downside within the Bull Flag consolidation (that arguably began December on the weekly chart). Watch for a potential bullish catalyst to arrive as early as today 830am EST following the US unemployment claims and after Friday’s US preliminary UoM consumer sentiment. The escalation in the global banking crisis and Ukraine-Russia conflict deserve close monitoring. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on USDCHF, SILVER
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