GBPUSD by Request

2 Mar 2022

I use market cycles, feelings and experience in order to read charts... This is on top of the different technicals and charting systems.

I can read this chart but the accuracy can be very low as I don't have a feeling of this market and don't know how it behaves...
Please keep this in mind.

I am doing this on the request of one of our followers.

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GBPUSD Daily Chart Analysis

Basic technicals are bearish:

- Trading below EMA10.
- MACD below zero.
- RSI below 50.
- Downtrend since June 2021.

Potential for reversal:

- Bottom pattern (cup pattern) shows December 2021 (yellow).
- Current higher low in play.

As it is now, we can see a bounce to around 1.3657 or MA200.

If GBPUSD moves below the blue lines, no bounce possible but there is potential now for a move up.

That's all.

I hope you enjoyed the analysis.

Namaste.