Trading Signal for GBP/USD for June 29-30, 2023: buy above 1.2595 (200 EMA – oversold)
June 29, 2023 4:22 pm
Early in the American session, the British pound is trading at 1.2595 around the 200 EMA (1.2594) and touching the bottom of the downtrend channel formed since June 13.
The British pound reaches key support levels, which we can see there is a strong bottom zone between 1.2595 (200 EMA) and 1.2573. The latter is the key 7/8 Murray level that signals a reversal.
In the coming hours, the GBP/USD pair is expected to bounce above 1.2594 (200 EMA) and this could be seen as a signal to buy with targets at the 21 SMA and the top of the downtrend channel around 1.2692.
In case the British pound falls and consolidates below the 7/8 Murray around 1.2573 on the 4-hour chart, this could be seen as a clear signal to sell with targets at the 6/8 Murray located at 1.2451.
Given that the Eagle indicator is reaching extremely oversold levels, the British pound is expected to have a technical bounce in the next few hours if it consolidates above 1.2595 (200 EMA).
If the British pound breaks the downtrend channel and consolidates above the 8/8 Murray located at 1.2695, we could expect an acceleration to the upside and the instrument could reach +1/8 Murray located at 1.2817.
The symmetrical triangle pattern that was broken yesterday in the European session is completing its goal and this could confirm the resumption of the upward movement provided that GBP consolidates above the bottom of the downtrend channel.
Our trading plan for the next few hours is to buy the British pound around 1.2594 (200 EMA) or in case there is a technical bounce on 7/8 Murray around 1.2573, with targets at 1.2691 (21 SMA). The Eagle indicator is signaling the imminent technical rebound which supports our bullish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
Early in the American session, the British pound is trading at 1.2595 around the 200 EMA (1.2594) and touching the bottom of the downtrend channel formed since June 13.
The British pound reaches key support levels, which we can see there is a strong bottom zone between 1.2595 (200 EMA) and 1.2573. The latter is the key 7/8 Murray level that signals a reversal.
In the coming hours, the GBP/USD pair is expected to bounce above 1.2594 (200 EMA) and this could be seen as a signal to buy with targets at the 21 SMA and the top of the downtrend channel around 1.2692.
In case the British pound falls and consolidates below the 7/8 Murray around 1.2573 on the 4-hour chart, this could be seen as a clear signal to sell with targets at the 6/8 Murray located at 1.2451.
Given that the Eagle indicator is reaching extremely oversold levels, the British pound is expected to have a technical bounce in the next few hours if it consolidates above 1.2595 (200 EMA).
If the British pound breaks the downtrend channel and consolidates above the 8/8 Murray located at 1.2695, we could expect an acceleration to the upside and the instrument could reach +1/8 Murray located at 1.2817.
The symmetrical triangle pattern that was broken yesterday in the European session is completing its goal and this could confirm the resumption of the upward movement provided that GBP consolidates above the bottom of the downtrend channel.
Our trading plan for the next few hours is to buy the British pound around 1.2594 (200 EMA) or in case there is a technical bounce on 7/8 Murray around 1.2573, with targets at 1.2691 (21 SMA). The Eagle indicator is signaling the imminent technical rebound which supports our bullish strategy.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: