GBPUSD 4H : Try to retest and then rise up
GBPUSD
New forecast
The pound sterling pair against the dollar achieved a strong breach to the level of 1.2216 to cancel the head and shoulders pattern and head towards recovery in the coming sessions, approaching the level of 1.2270, which represents the 23.6% Fibonacci retracement level of the decline from 1.3142 to 1.2037, and we are likely to breach this level to achieve further gains that reach 1.2037. 1.2310, and breaking it will reach 1.2370 in the near term.
Hence, an upward trend will be expected during the coming sessions, which may be preceded by some sideways fluctuation, taking into account that failure to breach 1.2270 and hold above it will stop the positive scenario and put pressure on the price to decline again . so it is possible to retest to 1.2216 and then rise up therefore the main condition to be continue at the bullish trend is stability above 1.2270 and then our target will be activate .
The expect range trading for today it will be between the resistance line 1.2270 and support line 1.2216.
Additionally ,Today News will affect the market .
support line : 1.2216 , 1.2192
resistance line : 1.1.2270 , 1.2310
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
The pound sterling pair against the dollar achieved a strong breach to the level of 1.2216 to cancel the head and shoulders pattern and head towards recovery in the coming sessions, approaching the level of 1.2270, which represents the 23.6% Fibonacci retracement level of the decline from 1.3142 to 1.2037, and we are likely to breach this level to achieve further gains that reach 1.2037. 1.2310, and breaking it will reach 1.2370 in the near term.
Hence, an upward trend will be expected during the coming sessions, which may be preceded by some sideways fluctuation, taking into account that failure to breach 1.2270 and hold above it will stop the positive scenario and put pressure on the price to decline again . so it is possible to retest to 1.2216 and then rise up therefore the main condition to be continue at the bullish trend is stability above 1.2270 and then our target will be activate .
The expect range trading for today it will be between the resistance line 1.2270 and support line 1.2216.
Additionally ,Today News will affect the market .
support line : 1.2216 , 1.2192
resistance line : 1.1.2270 , 1.2310
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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