You are here: Home > articles > Forex > Trading Signal for GBP/USD for July 3-4, 2023: buy above 1.2654 (21 SMA – 8/8 Murray)
Trading Signal for GBP/USD for July 3-4, 2023: buy above 1.2654 (21 SMA – 8/8 Murray)
July 3, 2023 4:23 pmVideo
Latest News
- Technical Analysis – Apple stock bounces off 1-year low April 29, 2024
- Technical Analysis – GBPUSD recovers from 5-month low April 29, 2024
- USD/JPY: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- GBP/USD: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- EUR/USD: Simple trading tips for novice traders on April 29th (US session) April 29, 2024
- GBP/USD: trading plan for the US session on April 29th (analysis of morning deals). The pound continues to be bought at every April 29, 2024
- EUR/USD: trading plan for the US session on April 29th (analysis of morning deals). The euro remains locked in a side channel April 29, 2024
- Technical Analysis – USDJPY plummets after 34-year high of 160.20 April 29, 2024
- EUR/USD. April 29th. The bulls continue to advance April 29, 2024
- GBP/USD. April 29th. Bulls find it extremely difficult to move upwards, but this week could change everything April 29, 2024
- Market Comment – Yen spikes on suspected intervention; big week awaits the dollar April 29, 2024
- Forex forecast 04/29/2024: EUR/USD, GBP/USD, USD/JPY, EUR/JPY, GBP/JPY and BTC from Sebastian Seliga April 29, 2024
- Federal Reserve encounter troubles April 29, 2024
- Technical Analysis – EURUSD attempts recovery from 5-month low April 29, 2024
- USD/JPY: trading tips for beginners for European session on April 29 April 29, 2024
- EUR/USD: trading tips for beginners for European session on April 29 April 29, 2024
- Video market update for April 29, 2024 April 29, 2024
- Technical Analysis – US 500 cash index is in the green ahead of the Fed April 29, 2024
- Technical Analysis – Gold weakens its momentum April 29, 2024
- Forecast for EUR/USD on April 29, 2024 April 29, 2024
Early in the American session, the British pound is trading around 1.2654 above the 21 SMA within the downtrend channel formed since June 13. The pivot point is located at 1.2672. If GBP/USD trades above this level, it will be seen as an opportunity to buy.
If the British pound consolidates above 1.2654 (21 MSA) in the next few hours, we could expect a further bullish move and the price could reach 1.2700, which is the level that coincides with the top of the downtrend channel.
Following a sharp break above 1.2703, we expect the pound to continue a bullish cycle. If GBP/USD closes above 1.2726 (the high of June 30), it could reach +1/8 Murray located at 1.2817. If the instrument does not have a daily consolidation, it can offer just an opportunity to sell.
If the bullish force is weak, we could expect the pound to reverse downward and trade within the downtrend channel. If this scenario comes true, it could be seen as an opportunity to sell below the 8/8 Murray around 1.2695.
Immediate resistance is located at 1.2743. A break above 1.2726 could ease the immediate bearish bias and the price could recover to 1.2817 (+1/8 Murray). Conversely, a break below 1.2600 (200 EMA) could accelerate the bearish path and it could reach the psychological level of 1.25.
Our trading plan for the next few hours is to buy GBP/USD above 1.2664 with targets at 1.2700 and 1.2626. On condition of a fall below 1.2650, we should avoid buying. The Eagle indicator is giving a positive signal, which supports our bullish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: