H1 head and shoulder's pattern?
GBP/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) remain clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Demand at 1.2192/1.2361 recently welcomed price action, stirring buyers and consequently chalking up two back-to-back bullish candles, each closing just shy of best levels. Current demand, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point that broke 1.2647 (April 14 high).
Thursday answered back with a shooting star candlestick configuration, generally considered a bearish reversal signal.
The 200-period simple moving average at 1.2681, in the event buyers regain consciousness, is likely marked as the next available resistance on this timeframe.
H4 timeframe:
Sellers made their presence felt Thursday, fading session peaks at 1.2530, just ahead of supply at 1.2652/1.2544.
Heading into the closing stages of the session, price found a mild degree of support around 1.2457, planted just ahead of support coming in at 1.2453. Beneath here, we could see sellers liberated until crossing paths with demand at 1.2360/1.2386.
H1 timeframe:
Thursday observed a large portion of London’s session attempt to secure ground above the 1.25 level, though failed as we transitioned into US flow, aided by stellar US jobs figures.
Chart pattern traders may also notice a potential head and shoulder’s top forming. A retest at the underside of 1.25, followed by a dip to fresh lows would form the right shoulder and confirm the pattern.
1.2450 support denotes a possible base, with a break unmasking demand at 1.2415/1.2386 (prior supply), an area holding the 1.24 level within and aligning with a 100-period simple moving average.
Structures of Interest:
The daily shooting star candlestick, putting across a bearish tone, together with a potential head and shoulder’s formation on the H1, may be sufficient to override H4 support at 1.2453.
Alternatively, a strong bid from 1.2453 could see price action work its way back above 1.25.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) remain clear structure on the monthly timeframe, with the latter prompting a notable upper shadow in June.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 in a vulnerable position.
Daily timeframe:
Demand at 1.2192/1.2361 recently welcomed price action, stirring buyers and consequently chalking up two back-to-back bullish candles, each closing just shy of best levels. Current demand, as underscored in recent analysis, is an area not only fastened to the top edge of monthly support, it is also considered the decision point that broke 1.2647 (April 14 high).
Thursday answered back with a shooting star candlestick configuration, generally considered a bearish reversal signal.
The 200-period simple moving average at 1.2681, in the event buyers regain consciousness, is likely marked as the next available resistance on this timeframe.
H4 timeframe:
Sellers made their presence felt Thursday, fading session peaks at 1.2530, just ahead of supply at 1.2652/1.2544.
Heading into the closing stages of the session, price found a mild degree of support around 1.2457, planted just ahead of support coming in at 1.2453. Beneath here, we could see sellers liberated until crossing paths with demand at 1.2360/1.2386.
H1 timeframe:
Thursday observed a large portion of London’s session attempt to secure ground above the 1.25 level, though failed as we transitioned into US flow, aided by stellar US jobs figures.
Chart pattern traders may also notice a potential head and shoulder’s top forming. A retest at the underside of 1.25, followed by a dip to fresh lows would form the right shoulder and confirm the pattern.
1.2450 support denotes a possible base, with a break unmasking demand at 1.2415/1.2386 (prior supply), an area holding the 1.24 level within and aligning with a 100-period simple moving average.
Structures of Interest:
The daily shooting star candlestick, putting across a bearish tone, together with a potential head and shoulder’s formation on the H1, may be sufficient to override H4 support at 1.2453.
Alternatively, a strong bid from 1.2453 could see price action work its way back above 1.25.
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