GBP/USD dynamics scenarios on October 12, 2023
October 12, 2023 2:23 pmVideo
Latest News
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
The GBP/USD pair started to decline at the beginning of today’s European session after strengthening during the Asian trading session. The driver of the pound’s weakening and the GBP/USD fall was the release of macroeconomic data from the UK at 06:00 (GMT), which came in weaker than expected.
GBP/USD had risen at the end of the previous week and at the beginning of this week. However, this can largely be attributed to the weakening of the dollar rather than the strengthening of the pound.
At the same time, the pair remains in the medium and long-term bearish market zone, below the key resistance levels of 1.2440 (200 EMA on the daily chart) and 1.2770 (200 EMA on the weekly chart), respectively. Therefore, new signs of dollar strength will lead to the resumption of the GBP/USD decline.
From a technical point of view, a break below the support levels at 1.2288 (200 EMA on the 15-minute chart) and 1.2269 (yesterday’s low) will be the first signal for the resumption of short positions, with a break below the significant short-term support level at 1.2232 (200 EMA on the 1-hour chart) confirming this. The nearest downside target is near the local low of 1.2040.
In an alternative scenario, after breaking above the resistance levels at 1.2337 (yesterday’s high) and 1.2350 (200 EMA on the 4-hour chart), the upward movement will continue towards the key resistance levels at 1.2440 and 1.2470 (144 EMA on the daily chart). In the event of their breakout, GBP/USD will return to the medium-term bullish market zone, and after breaking above the key resistance level of 1.2770 (200 EMA on the weekly chart), it will enter the long-term bullish market zone.
Support Levels: 1.2288, 1.2269, 1.2232, 1.2200, 1.2115, 1.2100, 1.2040, 1.2000, 1.1920, 1.1900, 1.1800
Resistance levels: 1.2337, 1.2350, 1.2400, 1.2470, 1.2500, 1.2580, 1.2600, 1.2635, 1.2700, 1.2770, 1.2800, 1.2900, 1.2995, 1.3100, 1.3140, 1.3200
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: