You are here: Home > articles > Forex > Trading Signals for GBP/USD for April 29-30, 2024: sell below 1.2553 (200 EMA – overbought)
Trading Signals for GBP/USD for April 29-30, 2024: sell below 1.2553 (200 EMA – overbought)
April 29, 2024 3:22 pmVideo
Latest News
- Technical Analysis – GBPAUD in danger of bearish shift as it tests 50% Fibonacci April 29, 2024
- Trading Signals for EUR/USD for April 29-30, 2024: sell below 1.0750 (200 EMA – 4/8 Murray) April 29, 2024
- Trading Signals for GBP/USD for April 29-30, 2024: sell below 1.2553 (200 EMA – overbought) April 29, 2024
- Weekly Technical Outlook – USDJPY, EURUSD, Oil April 29, 2024
- Trading Signals for GOLD (XAU/USD) for April 29-30, 2024: buy above $2,322 (21 SMA – rebound) April 29, 2024
- Weekly Technical Outlook: 29/04/2024 – USDJPY, EURUSD, Oil April 29, 2024
- 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
GBP/USD is trading around 1.2546 within the uptrend channel forming since April 22 but showing exhaustion of bullish strength as it encountered strong resistance around the 200 EMA located at 1.2553.
In case the bullish trend prevails, the British pound should consolidate above 1.2573. Then, we could look for opportunities to buy at 8/8 Murray targets at 1.2696 and 1.2840.
In case GBP encounters rejection around 1.2553 (200 EMA) or 1.2573 (7/8 Murray) and fails to consolidate above this area, it will be seen as a signal to sell, with the target at the 21 SMA located at 1.2492.
The outlook remains positive for the pound sterling, but a change and a sharp break of the uptrend channel could change the outlook and GBP/USD could resume its bearish cycle and could reach 5/8 of Murray at 1.2329. Finally, the instrument could fall to 4/8 of Murray located at 1.2207.
A sharp break of the uptrend channel below 1.2490 will be seen as a signal to sell since the eagle indicator has been moving in an overbought area since April 26. Therefore, a technical correction is imminent in the coming days.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: