GBPUSD Weekly Technical Outlook
GBPUSD market operation printed an all-time low last week. On the weekly time frame, the bearish candlestick printed broke below the 1.19710 horizontal support area, which was the inception of the bullish rally of January 2019. The candlestick printed an all time low of 1.13950 before bulls effected a 250-pips northward pullback, resulting in a candlestick print with a bottom tail. Technically, we can expect further bullish struggle and, possibly, a further northward pullback in the early part of this week.
On the daily time frame, price action turned sideways after the printing of the multi-year low around 1.13950. Last Friday, bulls attempted a northward pullback from the area, but bears resisted the move, resulting in the printing of a bullish candlestick with a long upper tail which inched to the broken-down 1.19710 horizontal support area. Apparently, bulls are still active in the market.
Price action on the H4 time frame is consolidating. Since the GBPUSD market is at an all-time low, we may see further sideways of price action or, even, a bullish move to an area of value.
I may be wrong. Trade safe and prosper.