GBPUSD

On the 15th of June in our previous post(https://fxsits.com/gbpusd-ranges-in-between-key-levels/), we highlighted key levels in which the GBPUSD finds support at key level. In that post we wrote about how price had been ranging in between level 1.26747 and level 1.20909. 15 days after that we gave an update on how the pair was performing.

GBPUSD H4 chart 14 July 2020
GBPUSD H4 chart 14 July 2020

Since that post, price had found resistance at level 1.22053 . And moved approximately 300 pips bullish to level 1.26747 where the now GBPUSD finds support. The question our analysts now ask is whether price will respect the range. We believe that a daily close today could be a leading indicator on whether price will move bearish.

GBPUSD Daily chart 14 July 2020
GBPUSD Daily chart 14 July 2020

In the daily chart you will notice that level 1.26747 is highlighted. This reason being because, you can see a lot of activity around that area from the past. With such price action occurring around that level we have confirmation that level 1.26747 is a strong SR level and that price could possibly struggle to break that level. The pin bars on the daily chart show possibilities of a bearish movement. Will sellers push the market bearish ? we will only have confirmation from a daily close.
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