For Traders

Analytical Reviews

Technical analysis

09.04.202109:42 Forex Analysis & Reviews: Technical Analysis of GBP/USD for April 9, 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 GBP/USD pair has fallen out of the ascending channel and hit the key short-term technical support located at the level of 1.3669. The market is trying to bounce now, but so far it was a shallow bounce that did not even test the intraday technical resistance located at 1.3705. The larger time frame trend is still up and the lower channel boundary on the weekly time frame chart is being respected by market participants. As long as the market trades above this line, the up trend is intact.

Weekly Pivot Points:

WR3 - 1.4036

WR2 - 1.3940

WR1 - 1.3894

Weekly Pivot - 1.3797

WS1 - 1.3747

WS2 - 1.3652

WS3 - 1.3595

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 1.4370.

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.