Conclusion for today’s analysis:
Price closing below 1.3012 favors more downside action in the GBPUSD (Cable)
GBPUSD technical analysis for today is carried out on the 6 hour time frame candlestick chart. Emphasis or focus is mainly placed on chart pattern development in the cable (GBPUSD) and its possible implications. See previous analysis here.
Bullish price swing from a price low of 1.2437 on January 02, 2019 to a price peak of 1.3381 on March 13, 2019 is captured in today’s GBPUSD analysis using a rising wedge chart pattern.
The implication of the chart pattern is ideally bearish with chart pattern confirmation established on March 28, 2019 when price closed below the lower boundary of the wedge.
The second chart pattern currently under development (i.e. tentative) is the bearish channel highlighted on the chart. The same price peak on March 13, 2019 is used as part of the pivots used to establish the upper boundary of the bearish channel.
Also shown on the chart is immediate resistance between 1.3272 and 1.3197. Price closing above the upper boundary of resistance (1.3272) especially decreases the chance for more downside momentum in the GBPUSD.
Price break below 1.3056 or 1.3012 can be employed as part of the plan or strategy to establish a sell order(s) in the GBPUSD, as well as consideration or momentum studies.
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