The psychological support and resistance levels for GBPUSD for the current week have been established at 1.24044 - 1.23774. The technical analysis of the 4-hour and daily time frames indicate a bearish trend, with the daily time frame currently situated within a contraction zone. Based on the 4-hour trend and weekly PSR, it is expected that the bearish sentiment for GBPUSD will persist. This bearish trend may be further strengthened if the daily time frame exits the contraction zone with bearish momentum.
From a market maker's perspective, two key scenarios to monitor are:
1) price rejection at the 50 exponential moving average (EMA) with TDI divergence and
2) price rejection at the 200 exponential moving average (EMA) with a shark fin pattern on TDI.
My short-term target for this market scenario is 1.23130, while the medium-term target is 1.2285.
From a market maker's perspective, two key scenarios to monitor are:
1) price rejection at the 50 exponential moving average (EMA) with TDI divergence and
2) price rejection at the 200 exponential moving average (EMA) with a shark fin pattern on TDI.
My short-term target for this market scenario is 1.23130, while the medium-term target is 1.2285.