You are here: Home > articles > Forex > Trading Signals for GBP/USD on April 21-24, 2023: sell below 1.2460 (6/8 Murray – 200 EMA)
Trading Signals for GBP/USD on April 21-24, 2023: sell below 1.2460 (6/8 Murray – 200 EMA)
April 21, 2023 4:22 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Early in the American session, the GBP/USD pair is trading below the 21 SMA and below the 6/8 Murray. The instrument will remain under strong bearish pressure if the pound consolidates below 1.2460.
On the 4-hour chart, we can see that GBP/USD is trading within an uptrend channel formed since March 31. During the last hours, the British pound printed a low of 1.2330 and is now rebounding. However, it could find strong rejection if it consolidates below the 21 SMA. In this case, it can reach the top of the symmetrical triangle, thus offering a trading signal to sell.
The technical outlook suggests bearish momentum. The 1.2370 level acts as key support and the bears could push the GBP/USD pair down if this level is broken.
On the 4-hour chart, we can see that the British pound is facing a resistance zone at the 21 SMA and the 6/8 Murray. As long as it trades below this area, strong bearish pressure will persist as the pound could reach 5/8 Murray located at 1.2327 and the 200 EMA
In the chart, we can see the formation of a symmetrical triangle. Hence, if the British pound falls below 1.2375, it could be the time for a change in trend and GBP/USD could reach 4/8 Murray located at 1.2207 in the short term.
The Eagle indicator is giving a negative signal. Therefore, GBP/USD could consolidate below 1.2451 and we could sell with targets at 1.2362 (200 EMA).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: