empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

09.10.201917:06 Forex Analysis & Reviews: GBP/USD 10.09.2019 - Is the GBP ready for new downward move?

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.

GBP has been trading sideways at the price of 1.2218. I found strong rejection of the 20SMA on the 4H time-frame, which is sign that sellers are still present. Bearish flag is in creation and I expect –potential more downside. Today we have FOMC meeting minutes, which is the reason why the currencies are in equilibrium. Market is awaiting for new informations.

Exchange Rates 09.10.2019 analysis

Green rectangle – Broken support became resistance

Orange rectangle – Support level

Purple falling line – Expected path

Bearish flag is in creation based on the 4H time-frame. Watch for potential breakout to the downside to confirm further downward continuation. I found broken Head and Shoulders pattern in the background, which is another good sign that sellers are present. Resistance level is found at the price of 1.2230 and support level at 1.2110.

Selling opportunities are preferable.

Petar Jacimovic
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off