Technical Analysis of GBP/USD for July 18, 2023
July 18, 2023 7:25 amVideo
Latest News
- EUR/USD. May 6th. Weak payrolls deliver another blow to the dollar’s coffin May 6, 2024
- GBP/USD. May 6th. Bulls continue to attack, but their momentum is fading May 6, 2024
- Weekly forecast based on simplified wave analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and US dollar index on May 6, 2024
- Defensive strategies key as Fed holds rates steady May 6, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on May 6th May 6, 2024
- Video market update for May 06, 2024 May 6, 2024
- Technical analysis of GBP/USD for week on May 6-11 May 6, 2024
- Japan to intervene market once again? May 6, 2024
- Forex forecast 05/06/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 6, 2024
- Hot forecast for EUR/USD on May 6, 2024 May 6, 2024
- Trading plan for GBP/USD on May 6. Simple tips for beginners May 6, 2024
- Trading plan for EUR/USD on May 6. Simple tips for beginners May 6, 2024
- Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs , Monday May 06 2024.ei 2024. May 6, 2024
- Technical Analysis of Intraday Price Movement of USD/IDR Exotic Currency Pairs , Monday May 06, 2024. May 6, 2024
- Forecast for EUR/USD on May 6, 2024 May 6, 2024
- Forecast for GBP/USD on May 6, 2024 May 6, 2024
- Forecast for AUD/USD on May 6, 2024 May 6, 2024
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
Technical Market Outlook:
The GBP/USD pair has made a new swing high at the level of 1.3141 as the bulls keeps pushing higher to extend the up trend towards the next target seen at the level of 1.3163, which is the key long term technical resistance on the Weekly time frame chart. Currently, the bulls pulled-back from the highs and found temporary support on the level of 1.3050. The old swing high will now act as an key short-term technical support located at the level of 1.2848. The momentum is strong and positive, however, the extremely overbought market conditions were hit on the H4, Daily and Weekly time frame chart, so a pull-back towards the support is on the table. Only a sustained breakout below the moving average dynamic support around 1.2693 would change the outlook to more negative.
Weekly Pivot Points:
WR3 – 1.31186
WR2 – 1.31040
WR1 – 1.30976
Weekly Pivot – 1.30894
WS1 – 1.30830
WS2 – 1.30748
WS3 – 1.30602
Trading Outlook:
The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: