GBPUSD Update: Watch Key Resistance at 1.24320!
This is a technical analysis to note key institutional levels, not a trade recommendation.
Good evening traders!
Consolidation continues, however price sits just below the upper boundary of the consolidation zone.
A break above the 1.2432 institutional resistance figure will likely expose further upside.
A move above the 1.2432 figure will put sights up to the next institutional resistance figure at 1.2509.
Buying opportunities will be preferred once a break-out is confirmed.
Only a break below 1.2254 will ease upside pressure.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
Good evening traders!
Consolidation continues, however price sits just below the upper boundary of the consolidation zone.
A break above the 1.2432 institutional resistance figure will likely expose further upside.
A move above the 1.2432 figure will put sights up to the next institutional resistance figure at 1.2509.
Buying opportunities will be preferred once a break-out is confirmed.
Only a break below 1.2254 will ease upside pressure.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
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