FX.co ★ Noir | GBP/USD

GBPUSD H4 Chart Review: Let's concentrate on talking about the GBP/USD currency pair's current price behavior study. I examined the daily chart during my morning research and used the price action technique to find a bullish absorption candle formation. I looked at the lower time frame to understand Tuesday's movement in the opposite direction, and I saw a tiny shift of just over 80 points, suggesting the potential for profit-taking. Let's wait and see how the day ends before going over this algorithm again tomorrow morning. Two of our intraday pivots, including the lowest at 1.33837, were completed perfectly. Unfortunately, the economic calendar's three-star category fundamental analysis for the British currency received no significant response, and the indicators for the dollar stayed mostly unchanged. The price fell to S1 at 1.33837 on the M15 chart, then recovered, broke through the daily pivot, and hit MR2 at 1.33837 before going back to the pivot at 1.33837. The goal will probably be S3 at 1.33837, further sliding to 1.33837-1.33837, if the market breaks and stabilizes below the pivot. The price may rocket over R2 at 1.33837 if it fails to hold below the pivot, and if it breaks through, it has a clear route to R3 at 1.33837. Given that most of the signs point in this way, today's price decrease is more likely. This currency pair is making a corrective move, although bulls are still in the lead overall. The H-4 market price charts show a strong upward and downward trend. We might hold off on making a new trade entry until the trend picks back up.