Market Analysis – December 17
The GBPUSD pair has displayed mixed price behavior in recent months, with both bullish and bearish movements. While the short-term outlook is currently bullish due to a retracement, the long-term trend remains firmly bearish.
GBPUSD Key Levels
Demand Levels: 1.26860, 1.24470, 1.25530
Supply Levels: 1.29960, 1.32460, 1.34470
GBPUSD Long-Term Trend: Bearish
GBPUSD Long-Term Trend: BearishThe overall trend for GBPUSD remains bearish despite the recent rally. After forming higher lows in late April 2024, the pair established a strong bullish trend, creating successive higher highs. This momentum allowed the price to breach significant supply zones, eventually stalling at 1.34470, a critical resistance level.
Following this peak, GBPUSD experienced a structural shift as bearish sentiment gained strength. Price action reversed, leading to a significant decline that breached the key level at 1.26860. This breach confirmed the continuation of the bearish trend. However, recent movements suggest a temporary bullish retracement toward a key technical area.
GBPUSD Short-Term Trend: Bullish
On the 4-hour chart, GBPUSD shows an inverse head-and-shoulders pattern, a classic bullish reversal signal. This pattern supports the current upward correction as the price retraces from recent lows. Nevertheless, this bullish momentum is corrective and does not indicate a long-term trend reversal.
While GBPUSD continues to trade within a bearish long-term framework, the short-term bullish retracement offers temporary upward movement. The inverse head-and-shoulders pattern on the 4-hour timeframe supports this correction, but the daily bearish order block remains a crucial area where the bearish trend may resume. Forex signals suggest monitoring this zone for potential market shifts.
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