FX.co ★ Mollice | GBP/USD

GBP/USD H4 Timeframe. The GBP/USD currency pair, and after reviewing the H4 charts, I noticed a broad consolidation similar to previous periods. For the pair, apparently, from the opening of the markets on Monday, just like on Friday, we will be trading in a narrow trading range between support at 1.2480 and resistance at 1.2556. The pair was able to consolidate above 1.2480, and this is a victory for the bulls. But for the development of the north, it is necessary to break through the resistance from the four-hour scale at 1.2556. Therefore, I think that in the end we will make an exit further north from the indicated range, but Monday is unlikely to be the day of a breakdown of 1.2556 since the envelope itself is in the horizontal plane and will first push the price to 1.2556 and not allow it to go deep down towards 1.2480. So, it will be clear when the moment comes for the breakdown of 1.2556, I think. There was an attempt to move higher on GBP/USD, but there is also a seller. True, there was a southern shadow after the maximum of 1.2540.

It is not yet clear whether they will continue to the south, but this is after a decline from the maximum level of 1.2892. I expect a large southern zigzag to update the low of 1.2298. It’s not a bad option, but it’s still unclear how much will be worked out. At least a few days of the next trading week will go well, anyway. Yes, and the daytime candlesticks are not very far north, but that’s what candles are. We failed to pass the accumulation resistance level at the top, and we are testing the ascending trend line from the low of 1.2501 from bottom to top. Further, a new southern zigzag is more likely, but the north is also possible in an attempt. For now, I am recording a rebound from the level of 1.2319 at a ratio of 161.80%. I think that for now, the bulls will run the show. In general, in the world, what needs to be done has happened, and in small steps, everything will return to normal. With kickbacks, of course. Personally, I have a suspicion that by updating the local minimum at 1.2484, they will update the top of the current wave at 1.2540 on Monday, but this is not certain. And that there will be an update of 1.2540 is for sure.