For Traders

Analytical Reviews

Technical analysis

22.04.202108:47 Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 22, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The market conditions on the GBP/USD are still overbought, but the momentum is strong and positive, so the bulls are still in control of the market. The bulls has tested the lower main channel line around the level of 1.3890 and the market has bounced higher , back above the technical support seen at 1.3918. The price is consolidating in a narrow range, but any breakout higher will target the level of 1.4007 again (swing high). The larger time frame trend is still up and the long-term target for bulls is seen at the level of 1.4374.

Weekly Pivot Points:

WR3 - 1.4086

WR2 - 1.3961

WR1 - 1.3918

Weekly Pivot - 1.3791

WS1 - 1.3746

WS2 - 1.3618

WS3 - 1.3575

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4374.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.