For Traders

Analytical Reviews

Technical analysis

17.08.202111:40 Forex Analysis & Reviews: British pound is ready to update its summer lows

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.

Today, the GBP/USD pair is testing a significant support zone of 1.3810-1.3793. Last week, attempts to overcome this zone were unsuccessful. If today's closing occurs below the level of 1.3793, then the bearish trend will become the main one for the next 5 days.

In order for the upward movement to develop, it is necessary to close today's trading above the support zone of the WCZ 1/2. This will indicate that the July high will be tested again in the near future. Today is the decisive day, so it is recommended to open deals tomorrow in accordance with how the American session will close.

It is important to understand that transactions made near the WCZ 1/2 will be profitable, since the movement potential will be about 200 points. Setting a stop loss of 40-50 pips will allow you to get a risk/profit ratio of 1 to 5 and higher. At a distance, these transactions will bring a positive result.

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.