FX.co ★ Alpha302 | GBP/USD

GBP/USD Technical analysis D-1 Chart

Hello! Yesterday, buyers tried to overcome the resistance level, which, according to my markings, is located at 1.37488, but after testing it from the bottom up, there was a rollback, and at the end of the day, a reversal candle was formed, directed to the south. It is quite possible that there may be a corrective rollback of the price to the nearest support level, and in this case, I am keeping the support level, which according to my markings is located at 1.36161, in my sights. There may be two possible developments near this support level. The first option is associated with the formation of a reversal candle and the resumption of the upward price movement. If this plan is worked out, then I will wait for the price to return to the resistance level, which is located at 1.37488, or to the resistance level, which is located at 1.38338. If the price is fixed above this resistance level, I will wait for further growth, up to the resistance level, which is located at 1.39833. Near this resistance level, I will wait for the formation of a trading setup, which will help determine the further direction of trading. Of course, there is an option to work out a more distant northern target, but I am not considering it yet, since I do not see prospects for its quick implementation. An alternative option for the price movement when testing the support level of 1.36161 will be a plan with the price fixing below this level and further southern movement. If this plan is worked out, then I will wait for the price to move to the support level, which is located at 1.33696, or to the support level, which is located at 1.31394. Near these support levels, I will continue to search for bullish signals, waiting for the price to resume moving up. In general, if we speak briefly, then today locally it is quite possible that the price can be adjusted to the south to the nearest support level, and then, taking into account the existing global bullish trend, I will be looking for northern signals, waiting for the price to resume moving up.