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Early in the American session, the British pound is trading around 1.2476, above the 21 SMA, and above the 200 EMA. We can see that the British pound is trading within an uptrend channel formed since May 25. GBP/USD is now facing a strong resistance zone at about 1.2487.
This level could exert bearish pressure and we could expect a technical correction towards the 6/8 Murray zone at 1.2451. Besides, the price could reach the bottom of the uptrend channel around 1.2390.
In case the British pound reaches the psychological level of 1.25, there will be a few pips until the second daily resistance at 1.2506. This could be seen as an opportunity to sell. Around this area, the bears could put pressure on the pair and below, a technical correction might occur which could be seen as a signal to sell with targets at 1.2450 and 1.2400.
A daily close above the psychological level of 1.25 could mean a recovery for the British pound and GBP/USD could reach 7/8 Murray at 1.2573 and 1.2695 (8/8 Murray) in the next few days.
In the next few hours, we expect the British pound to find a strong resistance area around 1.2487 or 1.2506 which could trigger our sell signal with targets at 1.2429 (200 EMA) and 1.2392 (21 SMA).
With a daily close above 1.2512, we should avoid selling and it is likely that the British pound will prepare for a new bullish sequence. The eagle indicator is giving a positive signal but is showing signs of exhaustion. So, a technical correction is likely to occur in the next few hours.
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