Could we see a big GBP recovery?
From the monthly chart, we saw cable plummet to the big 1.2000 support level and bounce off. Each time price has come to this level, buyers have stepped in aggressively, as seen back in 2016, 2017, 2019 and 2020, leading to a massive move to the upside.
On the (H4/H1) intraday timeframes, we saw price go up to 1.2400 then started pulling back, consolidating and found support at 1.2170 which is also the 50% fib retracement of the initial leg up. Buyers held strong here and market formed a tweezer bottom on the daily chart, which is usually a sign of bottoming at this support level.
We could see a breakout of the triangle consolidation and a run towards the highs and resistance at 1.2400
On the (H4/H1) intraday timeframes, we saw price go up to 1.2400 then started pulling back, consolidating and found support at 1.2170 which is also the 50% fib retracement of the initial leg up. Buyers held strong here and market formed a tweezer bottom on the daily chart, which is usually a sign of bottoming at this support level.
We could see a breakout of the triangle consolidation and a run towards the highs and resistance at 1.2400
Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.