Weekly Technical Analysis Report 11 August – Bearish play seen on GBPUSD
August 12, 2022
Weekly Technical Analysis Report 11 August – Bearish play seen on GBPUSD
1. This week’s outlook on GBPUSD: Bearish play seen
On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.2280 in line with the 78.6% Fibonacci retracement and a pullback to this zone presents an opportunity to play a further drop to the next support target at 1.2030. This support target lines up with the 50% Fibonacci retracement. Stochastic is facing bearish pressure from its resistance at 94.92 as well, in line with our bearish bias.
Outlook on GBPUSD: Bearish play seen by Salzworth on TradingView.com
