FX.co ★ Timothy4x | GBP/USD

GBP/USD For GBP/USD on the weekly chart, pushing off from the local support level, which according to my markings is located at 1.22992, the price confidently moved to the north, as a result of which a full bullish candle was formed, which was able to absorb the previous weekly range, closing near the mirror resistance level , which according to my markup is located at 1.25180. I fully admit that this corrective northern pullback is over this week and I think that next week sellers will try to resume the southern movement. In this case, I plan to keep an eye on the support level, which according to my markings is located at 1.22992. Near this support level there can be two scenarios for the development of the situation. The first scenario is associated with price consolidation below this level and further southward movement. If this plan is worked out, I will wait for the price to move to the support level, which is located at 1.21870. If the price fixes below this support level, I will expect further southern movement, up to the support level, which is located at 1.20956 or to the support level, which is located at 1.20371. Near these support levels, I will expect the formation of a trading setup, which will help determine the further direction of trading. Of course, I admit that as the price moves towards the designated distant southern targets, northern pullbacks may form, which I plan to use to search for bearish signals from the nearest resistance levels, in anticipation and restoration of the price movement downwards, within the framework of the emerging bearish trend. An alternative option for price movement when approaching the support level 1.22992 will be a plan with the formation of a turning candle and the resumption of growth. If this plan is worked out, then I will wait for the price to return to the resistance level, which is located at 1.25180. Near this resistance level, I will continue to search for southern signals, in anticipation of a restoration of the northern price movement. Of course, there is an option to develop more distant northern targets, but I am not considering them yet, since I do not see any prospects for their rapid implementation. In general, to put it briefly, next week I locally admit that the price may move to the nearest support levels, but then they will proceed from the market situation.