empty
05.07.2023 08:19 AM
Technical Analysis of GBP/USD for July 5, 2023

Technical Market Outlook:

The GBP/USD pair has been rejected from the intraday technical resistance located at 1.2726 and in the short-term the bulls are under pressure. The pair has broken out from the narrow zone located between the levels of 1.2660 - 1.2726 and is currently approaching the 61% Fibonacci retracement level located at 1.2750. The immediate technical support is seen at the level of 1.2659 (100 MA), but the key technical support is seen at 1.2590. Please notice, the momentum is hovering around the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the technical resistance would change the outlook to more bullish.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.27765

WR2 - 1.27279

WR1 - 1.27004

Weekly Pivot - 1.26793

WS1 - 1.26518

WS2 - 1.26307

WS3 - 1.25821

Trading Outlook:

The 61% Fibonacci retracement located at the level of 1.2778 has been hit, but it does not indicate the corrective cycle to the upside had been terminated. Any sustained breakout above this level and a weekly candle close above it is needed to change the long-term outlook to bullish. The key long term level of technical support is seen at 1.2444. The next long-term target for bulls is seen at the level of 1.3160.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 16/04/2025: EUR/USD, GBP/USD, USD/CAD, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:55 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday April 16, 2025.

On the 4-hour chart, the USD/CAD commodity currency pair can be seen moving below the EMA (100) and the appearance of a Bearish 123 pattern and the position

Arief Makmur 07:37 2025-04-16 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday April 16, 2025.

With the Stochastic Oscillator condition heading towards the Oversold level (20) on the 4-hour chart of the AUD/JPY cross currency pair, in the near future AUD/JPY has the potential

Arief Makmur 07:35 2025-04-16 UTC+2

EUR/USD Forecast for April 16, 2025

Yesterday, the euro zone's ZEW economic sentiment indicators for April were disappointing. The index plunged from 39.8 in March to -18.5, far below the forecast of 13.2. We believe

Laurie Bailey 05:12 2025-04-16 UTC+2

GBP/USD Forecast for April 16, 2025

The British pound continues to rise according to our previously outlined scenario (see reference), heading toward the magnetic point at 1.3311, which is the intersection with the upper boundary

Laurie Bailey 05:12 2025-04-16 UTC+2

USD/JPY Forecast for April 16, 2025

On the daily chart, the price has formed a small triangle around the 143.45 level and consolidated below it. Since the nearest target at 141.70 is close, the price

Laurie Bailey 05:12 2025-04-16 UTC+2

Trading Signals for GOLD (XAU/USD) for April 15-18, 2025: sell below $3,220 (+1/8 Murray - 21 SMA)

Early in the American session, gold is trading around 3,220, showing signs of exhaustion. A further technical correction toward the 21SMA is likely in the coming hours

Dimitrios Zappas 14:05 2025-04-15 UTC+2

Forecast for GBP/USD on April 15, 2025

On the hourly chart, the GBP/USD pair continued rising on Monday and secured a position above the 1.3139 level. Thus, the upward movement may continue toward the next Fibonacci corrective

Samir Klishi 11:59 2025-04-15 UTC+2

Forecast for EUR/USD on April 15, 2025

On Monday, the EUR/USD pair continued to rise but returned by the end of the day to the 261.8% Fibonacci retracement level at 1.1318. A double rebound from this level

Samir Klishi 11:55 2025-04-15 UTC+2

Forex forecast 15/04/2025: EUR/USD, GBP/USD, USD/JPY, USD/CAD and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:44 2025-04-15 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.