GBPUSD Technical Analysis Report – 13-05-2023
Weekly Chart (1.2451)
HISTORICAL PRICE ACTION ANALYSIS
Short Term Trend: Downward
Long Term Trend: Downward
Range: 1.2661 to 1.1031
Buying Pressure: Above 1.1031
Resistance: 1.2661, 1.3373, 1.3679, 1.4326
Support: 1.1971, 1.1643, 1.1031, 1.0497
Movement in the past few weeks: upward
Movement in the past few days: Downward
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 1.2661 to 1.1031
Expected Resistance: 1.2661, 1.3373, 1.3679, 1.4326
Expected Support: 1.1971, 1.1643, 1.1031, 1.0497
Expected Buying Pressure: Above 1.2661
Expected Selling Pressure: Below 1.1971
Trading with proper stop loss (may be in between 30-45 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
Short Term Trend: Downward
Long Term Trend: Downward
Range: 1.2661 to 1.1031
Buying Pressure: Above 1.1031
Resistance: 1.2661, 1.3373, 1.3679, 1.4326
Support: 1.1971, 1.1643, 1.1031, 1.0497
Movement in the past few weeks: upward
Movement in the past few days: Downward
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are High
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 1.2661 to 1.1031
Expected Resistance: 1.2661, 1.3373, 1.3679, 1.4326
Expected Support: 1.1971, 1.1643, 1.1031, 1.0497
Expected Buying Pressure: Above 1.2661
Expected Selling Pressure: Below 1.1971
Trading with proper stop loss (may be in between 30-45 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
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