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GBP/USD: Bottom Yet?

Published 12/07/2017, 09:59 AM
Updated 07/09/2023, 06:31 AM


Looking at the GBP/USD currency pair, there is definitely a possible reversal from the current levels.
Since the 30th of November, it has been steadily declining. The level of 1.3350 was the first major support level and it looks like market participants are really reacting to it with a pinch of bullish enthusiasm.

4-Hour GBP/USD

By looking at the 4-hour chart, I am noticing a bearish rejection candle. It seems like sellers were not willing to continue selling and their lackluster was met by buyers’ strong appetite for profit.

I am looking at 1.3440 as the first potential place, where we might see a reversal or a continuation of the uptrend. If price breaks above that level, the next stop is the level of 1.3540.

I am also looking at the daily chart. There is a bearish rejection forming on it, as well. If the daily close is a pinbar, then this formation will certainly attract more buyers and longer-term traders.

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