You are here: Home > articles > Forex > May 22, 2023 : GBP/USD Intraday technical analysis and significant key-levels.
May 22, 2023 : GBP/USD Intraday technical analysis and significant key-levels.
May 22, 2023 6:23 pmVideo
Latest News
- Forecast for EUR/USD on April 9, 2024 April 9, 2024
- Forecast for GBP/USD on April 9, 2024 April 9, 2024
- Forecast for USD/JPY on April 9, 2024 April 9, 2024
- EUR/USD and GBP/USD: Technical analysis on April 9 April 9, 2024
- Bitcoin: Target for this bull cycle is $300,000 April 8, 2024
- The dollar has laid out its trump cards, it’s now the euro’s turn April 8, 2024
- GBP/USD. Analysis for April 8th. The pound remains expensive despite everything April 8, 2024
- Could the ECB adopt its June 2022 playbook and preannounce a rate cut? – Preview April 8, 2024
- Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray – symmetrical triangle) April 8, 2024
- Trading Signals for EUR/USD for April 8-10, 2024: buy above 1.0833 (3/8 Murray – 21 SMA) April 8, 2024
- EUR/USD. Analysis for April 8th. The euro will continue to decline April 8, 2024
- US CPI data unlikely to ease sticky inflation worries, but will markets care? – Preview April 8, 2024
- Technical Analysis – AUDUSD surpasses SMAs within trading range April 8, 2024
- Weekly Technical Outlook – USDJPY, EURGBP, USDCAD April 8, 2024
- Video market update for April 08, 2024 April 8, 2024
- US dollar enjoys gains April 8, 2024
- Weekly Technical Outlook: 08/04/2024 – USDJPY, EURGBP, USDCAD April 8, 2024
- EUR/USD and GBP/USD: Technical analysis on April 8 April 8, 2024
- Euro could tumble after ECB meeting April 8, 2024
- EUR/USD. April 8th. Preparations for the ECB meeting are in full swing April 8, 2024
The price showed an upward trend between 1.0400 and 1.0600, which stopped further declines.
Bulls maintained the rising lows at 1.1150 and 1.1750, suggesting a likely continuation of the upward trend above 1.1750.
At 1.2340, bears initially opposed the price, but bulls regained control. However, the GBPUSD bulls failed to create a new high and instead formed a double-top pattern around the same price level.
As a consequence, a downward correction towards 1.1800 occurred, which was considered as a good opportunity to buy with an initial target of around 1.2350.
Recent fundamental analysis indicates that the GBPUSD pair has been supported by the UK’s economic recovery and successful vaccination campaign, while the USD has been weakened by low interest rates and inflation worries.
Despite this positive outlook, traders should be cautious and pay attention to any news that may affect the performance of the currency pair.
If the pair continues to move up steadily above 1.2340, it could potentially reach 1.2700. However, if the current positive breakout proves to be a false one, another downward movement towards 1.1750-1.1800 could be expected.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: