GBPUSD, H4 | Potential reversal from 1st resistance?
April 13, 2023 6:23 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
The current momentum of the GBP/USD chart is bearish, indicating that we may see further price drops in the near future. The current price is trading at around 1.2485.
If the bearish trend continues, the price could potentially react bearishly off the 1st resistance level of 1.2521 and drop towards the 1st support level of 1.2428. This support level is an overlap support level that has previously shown strength in holding the price up.
Should the price break through the 1st support level, the next support level is the 2nd support level at 1.2343, which is another overlap support level that the price has bounced off multiple times in the past.
On the resistance side, we have the 1st resistance level at 1.2521, which is a pullback resistance level and also coincides with a 61.80% Fibonacci Projection level. This makes it a strong level of resistance that the price may struggle to break through.
If the price were to break through the 1st resistance level, the next resistance level is the 2nd resistance level at 1.2588, which is a swing high resistance level that marks the high point of a previous bullish trend. This level also coincides with a 138.20% Fibonacci Extension level, which makes it a strong level of resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: