GBP USD | British Pound US Dollar
Gann and Waves Technical Analysis for GBP USD | British Pound US Dollar
Fundamentally, the US dollar is weakening because traders are betting that the Federal Reserve will stop raising interest rates at its upcoming meeting and instead begin slashing them shortly after that.
Looking at the recent ISM manufacturing PMI survey (that was not up to the mark), the US dollar tends to rise as a safe haven during economic downturns.
The GBPUSD Analysis If you analyze the GBP/USD chart, the current price of 1.2444 represents a new high. No matter if you are a seller or buyer, this is a critical position for you. For buyers to act
with confidence and push prices to new highs, a clean breakout above the level is required.
But, sellers are expected to rush in above the level with stated risk, looking to push the market down to the range’s support of around 1.1839. The sellers’ risk management approach is certainly
superior from a technical standpoint.
The Gann and Elliott Waves Analysis Or The “Tip” For Traders
According to the Gann and Waves technical analysis, If the pair breaks below the key support level of 1.2379, traders could see a bearish move with the potential to touch the 1.1800 level again.
Now it’s your call to earn or pack good profits. That’s the power of Gann and NEoWaves theory.
The Gann technique may reveal market patterns and prospective price objectives in addition to pinpointing significant levels. Gann traders use geometric patterns and cycles to forecast market
moves and set reasonable price goals. Besides, the Gann technique is useful for traders who deal in several asset classes since its concepts may be applied to any financial market, not only stocks,
commodities, and currencies. To make better judgments, reduce your losses, and increase gains, you must put your hands on Gann Theory before making trading decisions