• Duncan Cooper , Senior Market Strategist & at Trading Mentor


• 12.10.2021 10:30 am
#stock

GBPUSD Monthly:

Monthly support at 1.3514 & 1.3482, resistance at 1.4248.

Last month price tested 1.3514 and 1.3482 monthly support. Monthly trend remains up but MACD is trying to cross down signalling a possible change in the long term trend.

GBPUSD Weekly:

Weekly support at 1.3411, resistance at 1.3913.

Weekly chart is in a downtrend showing a lower top and bottom. Price is rallying before the next decline.

Long term weekly double top pattern remains in play.

GBPUSD Daily:

Daily support at 1.3609, resistance at 1.3726.

Price is rallying back up within last month’s range. Looking for price to fail at 1.3609 or 1.3726. Price failing at either one of these levels would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Long term target for the weekly double top pattern remains at 1.3100.

Analysis written by Duncan Cooper, Senior Market Strategist & Trading Mentor.

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