GBPUSD analysis: Let’s take a look at the movement of 3 important GBPUSD timeframes with BlackmanTrader:
– Long-term: in the monthly frame (MN) After touching the Supply Zone as shown below, GBPUSD (GU) reversed sharply and closed the candlestick at 1.209. We clearly see that the December candle has drawn a very long beard, showing that the selling force has appeared very large => According to Blackmantrader, in the coming time, GU will have a slight increase to around 1,220, then will decrease further in the first quarter of 2023 with a target of 1,180.
– Medium term: in the Weekly Timeframe (W1) of the last 2 weeks, GU after touching the Demand Zone has withdrawn and accompanied by 1 bullish Week candlestick, although not strong, has also shown that buyers can hold positions in this barrier. In the first week GU will rise back to the 1,220 area, we wait for the market to come here to observe and take the next action.
– Short-term: early in the day GU will rebound to around 1.204 then will move towards 1.207 and a temporary H4 timeframe reversal signal may appear here.