GBPUSD (H1) Analysis: Gearing Up for a Bullish Shift
Good day Traders,
Trust you are doing great.
Below is my analysis of GBPUSD.
Trend & Sentiment
GBPUSD, currently trading at 1.26666, shows signs of a potential bullish reversal. After failing to break the recent low at 1.25966, the pair has started forming higher highs and higher lows, signaling a shift in market dynamics. A clear inverted head-and-shoulders pattern has emerged, strengthening the case for an end to the bearish trend and a possible move to the upside.
Key Levels
Resistance: 1.26952, 1.27561
Support: 1.26342
Possible Direction
Bullish movement
The first target is 1.26847, as long as the price holds above the key support at 1.26342.
Price may face resistance at 1.26952, but strong buying momentum could drive it toward 1.27504 and further to 1.27800, completing trade objectives.
Reversal Risk
A break below the support at 1.26342 could invalidate the bullish scenario, leading to a potential decline toward 1.25732, where a stronger reversal might form later.
Conclusion
The outlook is bullish, with targets at 1.26847 (short-term), 1.27504 (medium-term), and 1.28161 (long-term). A sustained break above resistance levels would confirm the reversal, while a drop below 1.26342 would delay bullish momentum.
I would appreciate your thoughts.
Cheers and happy trading!
Trust you are doing great.
Below is my analysis of GBPUSD.
Trend & Sentiment
GBPUSD, currently trading at 1.26666, shows signs of a potential bullish reversal. After failing to break the recent low at 1.25966, the pair has started forming higher highs and higher lows, signaling a shift in market dynamics. A clear inverted head-and-shoulders pattern has emerged, strengthening the case for an end to the bearish trend and a possible move to the upside.
Key Levels
Resistance: 1.26952, 1.27561
Support: 1.26342
Possible Direction
Bullish movement
The first target is 1.26847, as long as the price holds above the key support at 1.26342.
Price may face resistance at 1.26952, but strong buying momentum could drive it toward 1.27504 and further to 1.27800, completing trade objectives.
Reversal Risk
A break below the support at 1.26342 could invalidate the bullish scenario, leading to a potential decline toward 1.25732, where a stronger reversal might form later.
Conclusion
The outlook is bullish, with targets at 1.26847 (short-term), 1.27504 (medium-term), and 1.28161 (long-term). A sustained break above resistance levels would confirm the reversal, while a drop below 1.26342 would delay bullish momentum.
I would appreciate your thoughts.
Cheers and happy trading!
Related publications
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.