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

07.05.202120:39 Forex Analysis & Reviews: May 7, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 07.05.2021 analysis

Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.

Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600. Hence, Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.

However, the GBPUSD pair was contained above the demand level of (1.3660) and below the key-level around 1.3900 before a temporary bullish spike could reach the price level of 1.4000 earlier last week.

This failed bullish spike above 1.3900 has re-tested the backside of the depicted broken channel which applied significant bearish pressure on the pair.

By the end of last week, temporary signs of bullish breakout above 1.3950 were witnessed. However, this turned out to be a bullish trap once the GBUSD pair returned below 1.3950 again.

Yesterday, the GBPUSD was trapped between the depicted two price levels ( 1.3880 and 1.3950 ) until bullish breakout occurred earlier Today.

Further bullish advancement should be anticipated towards 1.4050 then 1.4100 where the lower limit of the recently-broken channel is located.

Mohamed Samy
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