1.2750 resistance likely to give way despite monthly TL
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe, with the latter recently receiving price action.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
After mingling below the 200-day simple moving average at 1.2698 since July 9, Tuesday squeezed above the aforesaid value and finished considerably off worst levels Wednesday. As a result, price action could work its way back to supply coming in from 1.3021/1.2844.
The RSI is seen closing in on overbought levels.
H4 timeframe:
Wednesday, as you can see, whipsawed to lows at 1.2644, missing two nearby trendline supports (1.2666/1.2259) by a few pips before recovering to unchanged levels.
A pound revival today has the 127.2% Fib ext. level at 1.2783 to target, followed by supply at 1.2851/1.2805.
H1 timeframe:
Despite a brief flicker of activity north of 1.2750 resistance Tuesday, buyers stepped aside Wednesday and allowed price through 1.27, dropping as far south as 1.2650 support into early European trade. US action, however, rejuvenated buyer interest, reclaiming 1.27 and shining light on 1.2750 resistance.
Clearing 1.2750 today brings light to 1.28 resistance, a barrier uniting closely with the underside of H4 supply at 1.2851/1.2805.
Structures of Interest:
Partially altered from previous analysis -
With trade recently nudging into monthly trendline resistance, upside attempts may waver.
On the other hand, crossing the 200-day simple moving average on the daily timeframe is likely to lift the pair to supply at 1.3021/1.2844, a potential location active sellers reside. With this being the case, a 1.2750 breach on the H1 sends across an intraday bullish signal to attempt to reach at least the 127.2% Fib ext. level at 1.2783 on the H4, noted nearby the H4 supply at 1.2851/1.2805 (and 1.28 on the H1).
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe, with the latter recently receiving price action.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
After mingling below the 200-day simple moving average at 1.2698 since July 9, Tuesday squeezed above the aforesaid value and finished considerably off worst levels Wednesday. As a result, price action could work its way back to supply coming in from 1.3021/1.2844.
The RSI is seen closing in on overbought levels.
H4 timeframe:
Wednesday, as you can see, whipsawed to lows at 1.2644, missing two nearby trendline supports (1.2666/1.2259) by a few pips before recovering to unchanged levels.
A pound revival today has the 127.2% Fib ext. level at 1.2783 to target, followed by supply at 1.2851/1.2805.
H1 timeframe:
Despite a brief flicker of activity north of 1.2750 resistance Tuesday, buyers stepped aside Wednesday and allowed price through 1.27, dropping as far south as 1.2650 support into early European trade. US action, however, rejuvenated buyer interest, reclaiming 1.27 and shining light on 1.2750 resistance.
Clearing 1.2750 today brings light to 1.28 resistance, a barrier uniting closely with the underside of H4 supply at 1.2851/1.2805.
Structures of Interest:
Partially altered from previous analysis -
With trade recently nudging into monthly trendline resistance, upside attempts may waver.
On the other hand, crossing the 200-day simple moving average on the daily timeframe is likely to lift the pair to supply at 1.3021/1.2844, a potential location active sellers reside. With this being the case, a 1.2750 breach on the H1 sends across an intraday bullish signal to attempt to reach at least the 127.2% Fib ext. level at 1.2783 on the H4, noted nearby the H4 supply at 1.2851/1.2805 (and 1.28 on the H1).
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