Technical analysis of GBP/USD for April 21, 2023
April 21, 2023 9:34 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
Overview :
The GBP/USD pair steep decline spells for a capitulation event underway from the levels 1.2470 and 1.2448. More price decline is likely to occur, but traders should consider the bearish thesis event until 1.2502 is broken. The GBP/USD pair dropped sharply from the level of 1.2470 towards 1.2425.
Now, the price is set at 1.2425. On the H1 chart, the resistance of GBP/USD pair is seen at the level of 1.2352 and 1.2502.
It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2425 and 1.2352 in coming hours.
Moreover, the price spot of 1.2470 remains a significant resistance zone. Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective; in order to indicate the bearish opportunity below 1.2470, sell below 1.2470 with the first target at 1.2352 so as to test last week’s bottom.
Also, it should be noticed that support 1 is seen at the level of 1.2352 which coincides the daily double bottom. So, we expect the price to set below the strong resistance at the level of 1.2470; because the price is in a bearish channel now.
The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. Additionally, if the GBP/USD pair is able to break out the bottom at 1.2352, the market will decline further to 1.2312 in order to test the weekly support 2.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: