GBPUSD Forex Analysis for Today, Wednesday (06-12-2023)
GBPUSD Trading Analysis Today
This analysis utilizes Resistance and Support areas based on the historical range of movements on a 1-hour timeframe chart:
Resistance Area: 1.2625 – 1.2647
Support Area: 1.2548 – 1.2570
Red EMA Period: 20, Green EMA Period: 50
In the intraday chart image above, the price is further declining following the formation of a Death Cross alongside EMA, serving as the intraday Bears’ basis for today’s analysis. The SR area remains the primary daily trend validator.
Alright, from my perspective, based on the price movements we’ve analyzed above, there still exists a better trading opportunity today percentage-wise, while observing how volume shapes each candle and reacts to the Resistance and Support Areas. However, we should not make assumptions in technical analysis, so the best entry would be to continue monitoring the CLOSE CANDLE movement in this timeframe.
Resistance
- R1 1.2625
- R2 1.2647
Support
- S1 1.2548
- S2 1.2570
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