GBP/USD Outlook for May 26, 2023
May 26, 2023 1:23 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
GBP/USD is trading in the zone of short-term and long-term bear markets while remaining above key medium-term support levels at 1.2290 (50 EMA on the weekly chart) and 1.2245 (200 EMA, 144 EMA on the daily chart). A breakthrough of short-term resistance levels at 1.2417 (200 EMA on the 1H chart) and 1.2441 (200 EMA on the 4H chart) will bring the pair back into the zone of the medium-term bullish market, signaling a resumption of long positions.
At the same time, GBP/USD is moving within an upward channel on the weekly chart, heading towards its upper boundary and the key resistance level at 1.2800 (200 EMA on the weekly chart).
A breakthrough of this level will also mean a breakthrough into the zone of the long-term bullish market.
Further growth targets include key strategic resistance levels at 1.3930 (144 EMA on the monthly chart) and 1.4360 (200 EMA on the monthly chart), below which GBP/USD remains in the zone of the global bearish market.
In an alternative scenario, a breakdown of yesterday’s low at 1.2308 will be the first signal for the resumption of short positions. A breakthrough of the key support level at 1.2245 (200 EMA on the daily chart) will return GBP/USD to the zone of the long-term bearish market.
Support levels: 1.2300, 1.2290, 1.2245
Resistance levels: 1.2400, 1.2417, 1.2441, 1.2500, 1.2525, 1.2600, 1.2650, 1.2700, 1.2800
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: