Technical Analysis of GBP/USD for October 11, 2023
October 11, 2023 11:24 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
Technical Market Outlook:
The GBP/USD pair has been seen continuing the pull-back above the last swing high located at the level of 1.2271 and made a new swing high at the level of 1.2303. Only a strong and sustained breakout above this level would change the current situation to more bullish, but for now all the bullish attempts to extend the up move are in vain. The intraday technical support is located at the level of 1.2260 and the intraday technical resistance is seen at 1.2303. Please notice, that despite the possible pull-back, the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart.
Weekly Pivot Points:
WR3 – 1.22927
WR2 – 1.22441
WR1 – 1.22152
Weekly Pivot – 1.21955
WS1 – 1.21666
WS2 – 1.21469
WS3 – 1.20983
Trading Outlook:
The bulls were rejected at 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. The weekly time frame chart shows the Bearish Engulfing candlestick pattern was made during the breakout attempt above the 1.3163, so now the bears are in charge of the market. Any sustained breakout below the technical support seen at the level of 1.1802 would dramatically increase the chances of another leg down towards the level of 1.1494.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: