GBP/USD Price Analysis: Choppy trading conditions leave the pair without a bias By ross_burland GBPUSD Technical Analysis
As illustrated above, the price has run into the neckline of the formation, a move that was telegraphed in the prior day's''The price, however, is being held up at what could be a support zone on the daily
. This is an old area of resistance and an M-formation could be marked so long as the forthcoming sessions are bullish.''GBP/USD weekly chart While the current week's candle is strongly bearish and arguably engulfing following the weekly dojo candle of last week, there is still time until the close for the price to move higher and even close bullish. However, this would be going against the grain in the futures market as short positions increased for the third week. Additionally, the price has already reached a 38.2% Fibonacci retracement level and prior support of December 2021.
Instead, we could see the price break the recent lows and mitigate the imbalance left behind from the summer of 2020 down in the 1.28 areas. As seen, the price here has also made a 38.2% Fibo retracement from where the bears appear to be engaging from. However, should there be a move beyond the highs in the 1.3110 area, then the neckline of the formation would be expected to come under pressure near 1.3130.
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