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Early in the European session, the British pound is trading around 1.2400, above the 21 SMA, and above the uptrend channel formed since March 7.
In the last few minutes, the British pound reached a high of 1.2421. However, as it could not sustain this price level, we are seeing a technical correction.
In case the pound falls below 1.24, we could expect it to retrace towards the 5/8 Murray located at 1.2329 or towards the 21 SMA located at 1.2336.
If the British pound resumes its bullish move, it could face strong resistance around 6/8 Murray located at 1.2451.
A daily close and sharp break below 1.2329 (5/8 Murray) could be a sign of a reversal and trend change and the pound could reach the area of 4/8 Murray at 1.2207. If bearish pressure prevails, the instrument could decline to 1.2164 (200 EMA).
Below the 200 EMA located at 1.2164, it would be clearly established that the British pound is in a bearish phase and GBP/USD could fall to the psychological level of 1.20 and finally hit the low of March 8 located at 1.1801.
On March 17, the eagle indicator entered a bearish phase which is likely because this divergence is showing that the market volume is running out, so a strong technical correction could occur in the next few days.
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