Technical Analysis of GBP/USD for September 6, 2023
September 6, 2023 9:25 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Technical Market Outlook:
The GBP/USD pair has been moving lower on the H4 time frame chart after the price was rejected from he 50 MA located at the level of 1.2630. The market still trades below the short-term trend line resistance, so any violation of the key short-term support seen at the level of 1.2547 will extend the drop lower towards the level of 1.2491 and 1.2426. The intraday technical resistance is seen at the level of 1.2576 and the intraday technical support is seen at the level of 1.2527. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for GBP.
Weekly Pivot Points:
WR3 – 1.26635
WR2 – 1.26342
WR1 – 1.26237
Weekly Pivot – 1.26049
WS1 – 1.25944
WS2 – 1.25756
WS3 – 1.25463
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: