You are here: Home > articles > Forex > May 8, 2023 : GBP/USD Intraday technical analysis and significant key-levels.
May 8, 2023 : GBP/USD Intraday technical analysis and significant key-levels.
May 8, 2023 8:22 pmVideo
Latest News
- 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
- GBP/USD. April 8th. Nonfarm Payrolls did not help the dollar April 8, 2024
- Technical Analysis – US 500 index slides beneath rising trend line April 8, 2024
- Overview of the GBP/USD pair. April 8th. US inflation may present a new unpleasant surprise April 8, 2024
- Overview of the EUR/USD pair on April 8, 2024 April 8, 2024
- Market Comment – Stocks climb after sizzling US jobs report April 8, 2024
- Weekly forecast based on simplified wave analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US dollar index April 8, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold April 8, 2024
- Forex forecast 04/08/2024: EUR/USD, GBP/USD, USD/JPY, Gold and Bitcoin from Sebastian Seliga April 8, 2024
- Analysis and trading tips for USD/JPY on April 8 April 8, 2024
- Analysis and trading tips for GBP/USD on April 8 April 8, 2024
- Analysis and trading tips for EUR/USD on April 8 April 8, 2024
The market displayed a positive trend between 1.0400 and 1.0600, which prevented further losses.
Bulls kept supporting the increasing lows at 1.1150 and 1.1750, indicating a probable continuation of the positive trend above 1.1750.
At 1.2340, bears initially resisted the price, but bulls recovered. However, the GBPUSD bulls could not create a new high and instead made a double-top pattern around the same price level.
As a result, a negative correction towards 1.1800 happened, which was seen as a good chance to buy with an initial goal of around 1.2350.
Recent fundamental analysis shows that the GBPUSD pair has been backed by the UK’s economic recovery and successful vaccination campaign, while the USD has been weakened by low interest rates and inflation concerns.
Despite this optimistic outlook, traders should be careful and pay attention to any news that may affect the performance of the currency pair.
If the pair keeps moving up steadily above 1.2340, it could potentially reach 1.2700. However, if the current positive breakout turns out to be a false one, another negative movement towards 1.1750-1.1800 could be expected.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: