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Points in Pounds Sterling:

  • GBP/USD is looking for a rally after falling to a two-year low last Thursday.
  • GBP/JPY is looking below trendline resistance like yesterday, with several supports held near the psychological level of 165.00, which keeps the door open for a possible bullish breakout.
  • The analysis is based on the article’s price action and chart structure. To learn more about price actions or chart patterns, check out our DailyFX Education section

The British pound is expected to regain strength against the US dollar next week after a two-year rout.

The US dollar has been the dominant force lately, posting a similar almost parabolic move as the US Federal Reserve continues to raise rates in an effort to fight inflation. While inflation has picked up elsewhere, the resistance level of the Central Bank is variable and this has caused the euro and pound sterling to fall behind the dollar as H tries to strengthen above its counterpart across the Atlantic. . This allowed him to use some very well-constructed styles; but, as he warned last Thursday, trends do not move in straight lines, and GBP/USD has started to show a reversal trend that has allowed for USD reversal themes to develop.

GBP/USD formed on a breakout in a wedge pattern last week, has been repeatedly analyzed with the intent of a bullish reversal. I also saw Wednesday’s setup as an area of ​​previous support providing potential resistance around the 1.2000 level. That position is now in play, and there is an opportunity to continue the move as we now have a new high value to match the high low.

GBP/USD Four-Hour Price List

In the short term, we may see some resistance moving forward to play the 1.2021 Fibonacci level. This is an indicator of beer broths. The big question after that is does it show support in the bearish area, or if sellers make another important move the chart which restores USD strength themes immediately.

Traders are likely looking for the upper lower support to be printed above the swinging low at 1.1923, and the two areas between the current price and that area at 1.1968 and 1.1932 are already interesting.

GBP/USD Two-Hour Price List


There is still a long time to go before there is anything to be achieved here, but it seems that we are still a few steps away from developing this article. And I’m going to start with weekly papers to really show what we’re doing.

The weekly chart below shows extreme volatility in recent months. In April, prices broke above the psychological level of 160 and things haven’t been the same since.

GBP/JPY weekly price chart

In the newspapers below; the first two appear first, and more than a thousand vines from top to neck; so if the composition fills in, there can be action. But, cleavage is a method in this matter and instead the psychological level of consumers is protected.

We had 160 defenses in mid-June and now it’s a monthly low. Lately, the 165 square feet has been pictured as resistance support.

GBP/JPY daily price chart

On a short-term basis, the GBP/JPY line has started. This trendline was taken off the top in early to mid-June and helped to maintain the bullish trend. We wrote about this yesterday, highlighting support in the 164.47-165.00 area. This holds and the door remains open for the pair’s bullish strength, a break of 166.10 opens the door for a move up to 166.85. And after that, a double top is shown around 168.06.

GBP/JPY Four-Hour Price List

By Rodrigo

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