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GBPUSD Buyers Still Have Work to Do

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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

A few days ago I wrote about the GBPUSD.

The pair was challenging the 1.2100 (new) resistance area after falling below it on August 9th.

I also wrote about descending channel support at 1.2000 in Sunday’s post.

The pound has caught a bid nicely from this area so far this week.

However, buyers still have work to do.

Although the pair is trading above that 1.2100 resistance area as I type this, it’s going to take a daily close above it to expose higher levels.

Remember that I use New York close charts so that each 24-hour session opens and closes at 5 pm EST.

A daily close above 1.2100 would likely attract buyers on a retest of the area as new support.

It would also expose channel resistance near 1.2300.

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Keep in mind, however, that the GBPUSD has been trending lower since March.

In fact, the pair has failed to reverse the downtrend that began in April of last year.

So although a close above 1.2100 could attract buyers and push GBPUSD higher, it may not amount to much in the long run.

Also, if you aren’t comfortable bucking the trend, there’s nothing wrong with waiting for a sell signal at higher prices.

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GBPUSD support and resistance areas on the daily time frame

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7 comments
Justin Bennett says

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Ali says

Thanks justin I was looking at that I am gald you talk about it.I really appreciate your analysis.

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    Justin Bennett says

    You’re welcome. Always happy to help.

    Reply
Majid ali says

Today is a conforming day I believe .

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idogei emmanuel says

i always love ur post. thank u justin

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Shan says

Of how much period the moving average you use sir…??

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Quynh Nguyen says

It was very interesting all ur post and analysis. thanks u bennett!

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