October 6, 2023 : GBP/USD Intraday technical analysis and significant key-levels.
October 6, 2023 4:23 pm
The GBP/USD pair has shown signs of bearish rejection just below 1.3200, initiating the recent bearish movement.
After bearish closure below the price level of 1.2800 on a H4 candlestick, it continued to fall toward 1.2500 where the depicted uptrend line comes to meet a significant Fibonacci Level.
This should be considered for Intraday traders as a valid BUY Entry with Stop Loss to be placed just below 1.2500.
However, signs of hesitation were expressed in a narrow sideway movement which ended-up with bearish continuation.
Moreover, further bearish decline was expected towards 1.2160 constituting a key-support level which was being visited a week ago.
If confirmed to be broken, further bearish decline should be expected towards 1.1850.
On the other hand, any bullish pullback towards 1.2520-1.2600 should be considered for another SELL Entry.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD pair has shown signs of bearish rejection just below 1.3200, initiating the recent bearish movement.
After bearish closure below the price level of 1.2800 on a H4 candlestick, it continued to fall toward 1.2500 where the depicted uptrend line comes to meet a significant Fibonacci Level.
This should be considered for Intraday traders as a valid BUY Entry with Stop Loss to be placed just below 1.2500.
However, signs of hesitation were expressed in a narrow sideway movement which ended-up with bearish continuation.
Moreover, further bearish decline was expected towards 1.2160 constituting a key-support level which was being visited a week ago.
If confirmed to be broken, further bearish decline should be expected towards 1.1850.
On the other hand, any bullish pullback towards 1.2520-1.2600 should be considered for another SELL Entry.
The material has been provided by InstaForex Company – www.instaforex.com
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