You are here: Home > articles > Forex > Trading Signal for GBP/USD for June 9-12, 2023: sell below 1.2573 (7/8 Murray – overbought)
Trading Signal for GBP/USD for June 9-12, 2023: sell below 1.2573 (7/8 Murray – overbought)
June 9, 2023 2:24 pmVideo
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
Early in the American session, the British Pound (GBP/USD) is trading around 1.2566 with a strong bullish move and is approaching the 7/8 Murray zone which represents a technical reversal level.
Above around 1.2592 is the top of the uptrend channel. So, GBP/USD is expected to come under strong selling pressure and a technical correction could occur in the coming days.
GBP/USD is trading above the psychological level of 1.2500. The US dollar is losing ground as investors believe there will be a pause in the cycle of interest rate hikes of the Federal Reserve.
According to the 4-hour chart, the British pound is facing strong resistance around 1.2566 to 1.2592. According to the eagle indicator, we can see that it is producing an extremely overbought signal. In the next few days, the British pound could make a strong technical correction and could reach the 6/8 Murray around 1.2451 and it could even reach the 200 EMA located at 1.2444 and finally, the bottom of the bullish channel.
On the other hand, after a close above 1.2600 on the daily chart, we could predict GBP/USD will resume the bullish cycle and the price could reach 1.2695, the level that coincides with 8/8 Murray.
Our trading plan for the next few hours is to sell GBP/USD below the 7/8 Murray around 1.2573 or in case there is a pullback around 1.2592, which will be also seen as a signal to sell.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: