GBP/USD hit a low of 1.0350 in September last week and by 1st December it recovered almost 2000 pips. That's massive. While crypto is trading sideways, the stocks and the currencies including commodities like GOLD are roaring like anything.
The sine wave is nicely playing out. It plunged to a low no one anticipated but it made a V-shaped recovery. The recent data from the US also hinted that inflation is cooling, so Fed might have been preparing for an imminent pivot. That said it would be interesting to see how these currencies will play out in the near term as we know Christmas used to be generous every year, so can we expect the same this year too?
Disclaimer-Not financial advice
GBP is developing a new range of trading according to my analysis.
The lower band of this new range is 1.19 whereas it can spike to as high as 1.27 in the coming months, in 2023.
The weekly is damn strong, it is still bullish.
And on its way don, the strong support shall be 1.19, 1.1770, and 1.1650. I think GBP has a bullish picture for 2023. And it's all set to visit 1.27 followed by 1.3000. But dont get exited, it's not gonna happen in a single shot, it will take weeks, months and even a quarter. But in any the chart structure is developing a new range that 1.1900 to 1.27.
Disclaimer-Not financial advice
GBP/USD
Dt- 06th Dec 2022
GBP/USD chart structure is maturing at the top, even if it's not trying to form a top, a minor correction should not catch the players off-guard.
The weekly seems like meeting with resistance, although the larger trend is up, the new range as created by GBP, seems like playing out and in the coming sessions it might test the lower range which is 1.21 followed by 1.19. So scaling should be the best strategy for the time being.
Disclaimer- Not financial advice.
GBP/USD
Dt- 7th Dec 2022
GBP/USD yesterday spiked to 1.22 and then followed a complete U-turn to print a fresh low of 1.2110 today. But since then it has produced a mild bounce towards 1.2170.
The daily close is interesting and important at this juncture.
Two bearish candle(consecutive) have been formed, so if GBP/USD produces another bearish candle today then it will expose the 1.2000 level on the downside followed by 1.1900.
Disclaimer- Not financial advice.