Pound Analysis (Daily Time Frame)
In the past week, the pound initially experienced some range-bound movement and then a decline, and now it has approached its support area again. Given the momentum of the pound, there is a possibility of further decline at least to the range of 1.25678. However, since it is in an important support area, there is also a possibility of a trend reversal.
- Main Scenario: If the important range of 1.25678 to 1.24867 is broken, the pound can move to the range of 1.23041.
- Alternative Scenario: If the trend reverses from the range of 1.25678 to 1.24867, the price can first experience 1.28115 and then 1.30521.
Pound Analysis (4-Hour Time Frame)
Given that the downward trend in the pound has filled more than 50% of its previous upward leg and has strongly broken the important low of 1.26293:
- Main Scenario: It is expected that the price will first move to the range of 1.25678 and then towards the range of 1.24867.
- Alternative Scenario: If it reverses from the current area or from the range of 1.25678, the price can reclaim its previous highs after some range-bound movement, and in this path, it must first reach the area of 1.28115.
Pound Analysis (15-Minute Time Frame)
After breaking the low of 1.26293, it seems that the pound has completed its pullback and is ready for further decline to the range of 1.25678 at the beginning of this week.
- If this scenario does not occur and it reverses from this area, it must first pass the high of 1.26678 to reclaim the downward trend.