GBP/USD

GBP/USD: technical analysis

GBP/USD, D1, On the daily chart, the downtrend is still relevant, the instrument was corrected to the middle line of Bollinger bands, and the price range is narrowing. MACD histogram is in the negative area, keeping the signal to open short positions. Stochastic is in the neutral zone, the lines of the oscillator are reversing upwards.

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GBP/USD, H4

On the 4-hour chart, the pair moves within a sideways channel formed by the borders of Bollinger bands. MACD histogram is in the positive area, gradually increasing the volumes, and the signal line is directed horizontally. Stochastic is near the border with the overbought zone, the oscillator lines are reversing downwards.

 

Key levels

Resistance levels: 1.2707, 1.2738, 1.2761, 1.2794, 1.2825, 1.2855.

Support levels: 1.2664, 1.2634, 1.2614, 1.2558, 1.2528, 1.2507, 1.2476.

Trading tips

Long positions can be opened from the current level with the target at 1.2738 and stop loss at the level of 1.2695.

Short positions can be opened from the level of 1.2660 with the target at 1.2614. Stop loss is 1.2695.

Implementation period: 1–3 days.

 

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 1.2718
Take Profit 1.2738
Stop Loss 1.2695
Key Levels 1.2476, 1.2507, 1.2528, 1.2558, 1.2614, 1.2634, 1.2664, 1.2707, 1.2738, 1.2761, 1.2794, 1.2825, 1.2855

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 1.2660
Take Profit 1.2614
Stop Loss 1.2695
Key Levels 1.2476, 1.2507, 1.2528, 1.2558, 1.2614, 1.2634, 1.2664, 1.2707, 1.2738, 1.2761, 1.2794, 1.2825, 1.2855

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