GBPUSD Technical Analysis – 20th JUNE, 2024
GBPUSD – Horizontal support is broken
GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2722 the prices started to decline against the United States dollar.
We can see the formation of Bearish Trend Reversal pattern with the Adaptive Moving average AMA20 in the 4-hourly timeframe.
The Horizontal support is also broken in the daily timeframe.
The RSI indicator is also back under 50 in the daily timeframe.
We have also seen a Bullish opening of the markets this week.
The prices of GBPUSD are ranging near the new record low of 1 -months in the weekly timeframe.
GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish Reversal seen below the 1.2722 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2650 levels.
• Average true range ATR is indicating less market volatility.
GBPUSD is now trading below its Pivot levels of 1.2710 and is moving into a Mild Bearish channel.
The price of GBPUSD is aiming to cross its Classic support levels of 1.2700 with further progression towards the 1.2680 which is a Pivot Point 2nd Support Point.
We are also looking for the breach of the levels of 1.2666 at which the Price Crosses 40 Day Moving Average.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog
GBPUSD – Horizontal support is broken
![kXmhO95.png](https://i.imgur.com/kXmhO95.png)
GBPUSD was unable to continue its bullish momentum and after touching a high of 1.2722 the prices started to decline against the United States dollar.
We can see the formation of Bearish Trend Reversal pattern with the Adaptive Moving average AMA20 in the 4-hourly timeframe.
The Horizontal support is also broken in the daily timeframe.
The RSI indicator is also back under 50 in the daily timeframe.
We have also seen a Bullish opening of the markets this week.
The prices of GBPUSD are ranging near the new record low of 1 -months in the weekly timeframe.
GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average.
• Pound Bearish Reversal seen below the 1.2722 mark.
• Short-term range appears to be Mild Bearish.
• GBPUSD continues to remain above the 1.2650 levels.
• Average true range ATR is indicating less market volatility.
GBPUSD is now trading below its Pivot levels of 1.2710 and is moving into a Mild Bearish channel.
The price of GBPUSD is aiming to cross its Classic support levels of 1.2700 with further progression towards the 1.2680 which is a Pivot Point 2nd Support Point.
We are also looking for the breach of the levels of 1.2666 at which the Price Crosses 40 Day Moving Average.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.
For in-depth analysis, please check FXOpen Blog