GBPUSD - Strong rising
@边走边读边吃:
Analysis of GBPUSD 2/02/2022: Introduction: A picture is worth a thousand words. This analysis is a purely technical analysis of GBPUSD movement from 1986 to 2022. It is focused on quarterly analysis, weekly analysis,and daily analysis. The conclusion is given that GBPUSD will reach the price of 1.4215. 1. GBPUSD Quarterly Chart From March 1986 to Dec 2007, GBPUSD was 400% up from its first range, then stopped by the 400% pressure line. From that pressure line, GBDUSD made a 500% drop of its first range from December 2007 to March 2020, forming a double bottom: Currently, a 100% pressure point price 1.433 preventing GBPUSD to breakthrough. However, GBPUSD’s quarterly target is climbing up towards the 200% pressure point: 1.7256. 2. GBPUSD Weekly Chart From March 2020 to June 2021, GBPUSD bounced 175% up from its first range and then formed a double top. Because of the double top, it retraced 37.5% down of the whole range (from March 2020 to June 2021): The 37.5%-line acts as a supporting line, if GBPUSD breaks down, the next level is 50% retracement line 1.2826 (pink line). 3. GBPUSD Daily Chart GBPUSD dropped 175% of its first range from June 2021 to December 2021. After GBPUSD formed a double bottom in December 2021, it went up but stopped by the 50% pressure point (1.3154) of previous downturn. And then it retraced back the up range and sit on the 100% pressure line of its first range, as can be seen below: The 100% pressure line acts as support line now. The daily target price is 400% pressure position: 1.4006. 4. Conclusion Because the daily target price of 1.4006 is below the weekly 175% pressure line price 1.4258. The daily target price 1.4006 is also below the quarterly 100% pressure line price 1.433: Therefore, to catch up the quarterly 100% pressure position of 1.433, the daily price will need to climb from 400% pressure point (green line) to 500% pressure point (pink line): 1.4215.20 Where it will join the double top of 2021 and double top of 2018.
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