GBP/USD reversal targeting 1.3168 weekly support? [Video]

Duncan Cooper ACY Securities

Overview

Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the GBPUSD. Review my previous GBPUSD analysis here.

GBP/USD weekly

Weekly support at 1.3168, resistance at 1.3571 and 1.3602.

Weekly chart is in a downtrend showing lower tops and bottoms. Price has rallied and then reversed at the 79% fib retracement level. Is a further lower top now forming on the weekly chart?

GBP/USD daily

Daily support at 1.3430, resistance at 1.3598.

Daily chart is in a downtrend showing a lower top and lower bottom. Price has moved back below the 1.3571 and 1.3602 weekly resistance levels.

Looking for price to rally back to the 1.3571 to 1.3602 weekly resistance area. Price rallying back to this area would present an ideal opportunity to sell for the next decline in line with the immediate downtrend.

Looking to sell a rally on the 4 hour chart. Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.

Author

Duncan Cooper

ACY Securities

Duncan Cooper is a full-time trader and mentor. He has been actively trading the financial markets for more than 15 years and has traded stocks, options, futures, and the Forex Market since 2005.

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