FX.co ★ Farhan Ali Shakir | GBP/USD

Analysis of GBP/USD: Hello Everyone! I’m still drowning in the southern alignment and hope the nearest support levels will be identified next week. Today I analyzed the weekly chart, and it turned out that after testing the resistance level at 1.14108, the price shifted and moved to the south, because of which a clear reversal candle was formed, oriented towards sales. Considering the signal available along with the global southern trend, the southern movement will continue and the closest support level will be the local support level, which is at 1.10000. If the price stabilizes below this support level, I expect further movement towards the south. Here, the reference for a downward movement will be the support area, which is between 1.05000 or the 1.03439 support level. Near the data of the support level, they expect the formation of a trading setup, which will help determine the direction of trading in the future. The price may continue to push south to the 1.0000 support level, but here it will be necessary to see how the price approaches the identified support area and what will draw there.

However, if a turnover candle is formed from the 1.10000 level, then I assume that the price will return to the local resistance level, which is at 1.14108. Near this resistance level, I expect price action to form in a southern direction. Overall, there is a clear southern signal for the week ahead, and I hope it will be set, as the global south trend continues. As for the news background, the next week starts from the base Tuesday for the pound, and from Wednesday the base for the dollar starts, so I hope that the volatility will be at a high level. Let’s look at additional alignment.