You are here: Home > articles > Forex > Trading recommendations for the GBPUSD currency pair – placing trade orders (May 6)
Trading recommendations for the GBPUSD currency pair – placing trade orders (May 6)
May 6, 2019 8:23 amVideo
Latest News
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Technical Analysis – Gold in a wait-and-see mode April 15, 2024
- UK inflation report could shift the market’s focus away from geopolitics – Preview April 15, 2024
- Gold Still Expected to Rise on Wall Street and Main Street April 15, 2024
- EUR/USD and GBP/USD: Technical analysis on April 15 April 15, 2024
- Analysis and trading tips for USD/JPY on April 15 April 15, 2024
- Analysis and trading tips for GBP/USD on April 15 April 15, 2024
- Analysis and trading tips for EUR/USD on April 15 April 15, 2024
- Hot forecast for EUR/USD on April 15, 2024 April 15, 2024
- Technical analysis of GBP/USD for April 15-20, 2024 April 15, 2024
- Technical analysis of EUR/USD for April 15-20, 2024 April 15, 2024
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
By the end of the last trading week, the pound / dollar currency pair showed a high volatility of 187 points, drawing a large impulse candle in the market. From the point of view of technical analysis, we see that after the corrective move to the range level of 1.3000, the quotation found support, restoring the upward move. Naturally, this kind of turbulence could not appear from scratch, the whole thing is in the information and news background, in particular – in Brexit. This time, there were rumors saying that Theresa May is preparing to make big compromises to the opposition. In particular, it concerns the issues of a temporary customs union with the EU, as well as the introduction of common market rules for certain categories of goods and the law guaranteeing workers in the UK the same rights as in the European Union. On these rumors, the pound flew almost instantly.
Today, in terms of the economic calendar, we see that there is no public holiday in the UK, in the United States there are no weighty statistics.
Further development
Analyzing the current trading schedule, we see that there is a rollback, which is completely normal after this kind of rally. The point of resistance 1.3175, where the quote came, reflects the stratum from the long-term level of Fibo 38.2, as well as a number of price clusters on the history, thus the coordinates can be called the full-fledged level of resistance. It is likely to assume further formation of a pullback towards 1.3080, where it is worth analyzing the behavior of quotes and possible stagnation.
Indicator Analysis
Analyzing a different sector of timeframes (TF), we see that in the short, intraday and medium term, there is an upward interest against the background of the recent rally.
Weekly volatility / Measurement of volatility: Month; Quarter; Year
Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.
(May 6 was based on the time of publication of the article)
The current time volatility is 57 points. It is likely to assume that volatility may still grow, but its chapel is fixated on the daily average value.
Key levels
Zones of resistance: 1.3175 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700
Support areas: 1.3000 **; 1.2920 * 1.2770 (1.2720 / 1.2770) **; 1.2620; 1,2500 *; 1.2350 **.
* Periodic level
** Range Level
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: