GBPUSD Rises After Finding Support At 7-Week Low

GBPUSD has recorded a stunning rally since yesterday, finding support at the seven-week low of 1.3670. The price advanced above the 20-period simple moving average (SMA) in the 4-hour chart, with the RSI currently increasing positive momentum above the 50 level. The MACD is approaching the zero level, holding above the trigger line.


If the pair continues the bounce up, immediate resistance could be met at the 23.6% Fibonacci retracement level of the down leg from 1.4235 to 1.3670 at 1.3800. Steeper upside pressure could see the 40- and 100-period SMAs at 1.3810 and 1.3860 respectively ahead of 1.3875 and the 38.2% Fibonacci of 1.3885.


Should the market extend losses again, support could come from the seven-week low of 1.3670. A significant leg below this area could send prices towards the 1.3565 and 1.3520 zones.


In the bigger picture, the pair is bearish as long as it holds below the 100-day SMA. In case it violates this line, bulls could take the upper hand.


1 view0 comments

Credit 

Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

PayPal

Credit  & Debit Card

  • Black Facebook Icon
  • Black Instagram Icon
  • Black YouTube Icon

© 2023 by Personal Life Coach. Proudly created with Wix.com