GBP/USD: Price is retracing inside the Weekly Down AB

Tian Kriek

Analyst


January 20, 2021 01:19 PM

BULLISH

Daily Trading Range:
GBP/USD: Price is retracing inside the Weekly Down AB Boundary suggesting that the Direction of Highest Probability is Bullish. There is also an UP ABCD swing on the Daily chart with The Extension at 1.3845 about +412 pips away. Since the USDOLLAR INDEX is oversold I shall pass on this pair Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/aod-ny-workspaces-20-jan/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3250
Resistance 2: 1.3500
Resistance 1: 1.4000
Current Price 1.3641
Support 1: 1.2900
Support 2: 1.2500
Support 3: 1.2000

Two Hour Chart

Two Hour Chart
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