Technical Analysis of Intraday Price Movement of GBP/USD Main Currency pairs, Monday July 24, 2023.
July 24, 2023 7:25 am
On the 4-hour chart, it can be seen that Cable’s price movement is in a depressed condition where sellers control this major currency pair. This can be seen by the Bearish 123 pattern followed by the break of several Bearish Ross Hooks and the CCI indicator which managed to break below the 100, 0, & -100 levels. So based on these facts and data, in the near future, GBP/USD has the potential to go down where the 1.2815 level will try to be tested and broken down if it is successfully broken, then GBP/USD has the potential to fall. continue the decline to the level of 1.2672 but if on the way down below Cable suddenly rises again and breaks above the 1.3033 level then all the scenarios of the decline previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the 4-hour chart, it can be seen that Cable’s price movement is in a depressed condition where sellers control this major currency pair. This can be seen by the Bearish 123 pattern followed by the break of several Bearish Ross Hooks and the CCI indicator which managed to break below the 100, 0, & -100 levels. So based on these facts and data, in the near future, GBP/USD has the potential to go down where the 1.2815 level will try to be tested and broken down if it is successfully broken, then GBP/USD has the potential to fall. continue the decline to the level of 1.2672 but if on the way down below Cable suddenly rises again and breaks above the 1.3033 level then all the scenarios of the decline previously described will become invalid and cancel automatically.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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