GBPUSD- 04Jan2022
On the daily, price dropped and bounced back from the breakout trendline.
On the H4 timeframe, price bounced back from the 50MA support. Price action still indicates bullish momentum for GBPUSD but with economic data coming out, we need to be cautious. GBPUSD is still playing out inverse h&s to target 1.36100. However if price can confirm below 200MA on H1, we could expect further downside.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the daily, price dropped and bounced back from the breakout trendline.
On the H4 timeframe, price bounced back from the 50MA support. Price action still indicates bullish momentum for GBPUSD but with economic data coming out, we need to be cautious. GBPUSD is still playing out inverse h&s to target 1.36100. However if price can confirm below 200MA on H1, we could expect further downside.
This is for personal record purposes only, not financial advise or solicitation of trade.