According to the last few GBP Reports we see that the long contracts are starting to regain momentum. This will most likely lead to a move towards the upper-monthly trendline near 1.35000.
1. On the monthly timeframe we can see that price got strong support from the monthly critical after it rejected the break-attempt in March.
2. On the weekly timeframe we can notice that 1.32700 can be an area where we see strong sell pressure.
3. On the daily timeframe we have a new daily critical area near 1.26000 which can play the role as a correction, where we can expect buy pressure to kick in.
4. On the 4H timeframe we have a new critical area at the 1.27000 mark.
With this information we have 2 possible scenarios:
1. Price doing a correction and receiving support from the 4H critical area near 1.27000. Then it will go towards the 1.35000 area.
2. Price doing a correction and receiving support from the daily critical area near 1.26000. Then it will go towards the 1.35000.
Happy Trading!
1. On the monthly timeframe we can see that price got strong support from the monthly critical after it rejected the break-attempt in March.
2. On the weekly timeframe we can notice that 1.32700 can be an area where we see strong sell pressure.
3. On the daily timeframe we have a new daily critical area near 1.26000 which can play the role as a correction, where we can expect buy pressure to kick in.
4. On the 4H timeframe we have a new critical area at the 1.27000 mark.
With this information we have 2 possible scenarios:
1. Price doing a correction and receiving support from the 4H critical area near 1.27000. Then it will go towards the 1.35000 area.
2. Price doing a correction and receiving support from the daily critical area near 1.26000. Then it will go towards the 1.35000.
Happy Trading!