empty
06.11.2023 09:30 PM
Technical analysis on GBP/USD on November 06, 2023

This image is no longer relevant

First outlook :

The GBP/USD pair broke resistance which turned to strong support at the level of 1.2107 this week. The level of 1.2107 is expected to act as major support today. From this point, we expect the GBP/USD pair to continue moving in a bullish trend from the support levels of 1.2107 and 1.2140.

Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.2107 (horizontal black line). So, the market is likely to show signs of a bullish trend around the spot of 1.2107.

In other words, buy orders are recommended above the spot of 1.2107 with the first target at the level of 1.2186; and continue towards 1.2270 (the weekly resistance 2). This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment.

On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.2186 this week, the market will decline further to 1.2107. The pair is expected to drop lower towards at least 1.2147 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today. Also, the level of 1.2147 represents a weekly pivot point for that it is acting as major resistance/support this week. However, if a breakout happens at the resistance level of 1.2336, then this scenario may be invalidated.

Second outlook :

The GBP/USD pair broke resistance which turned to strong support at the level of 1.2186 yesterday. The level of 1.2186 coincides with a golden ratio (50% of Fibonacci), which is expected to act as major support today.

The Relative Strength Index (RSI) is considered overbought because it is above 40. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.

In other words, buy orders are recommended above 1.2277 with the first target at the level of 1.2336. From this point, the pair is likely to begin an ascending movement to the point of 1.2336 and further to the level of 1.2386. Consequently, the first support is set at the level of 1.2186. So, the market is likely to show signs of a bullish trend around the spot of 1.2186.

If the GBP/USD pair succeed to break through the resistance level of 1.2270, the market will scaling further to 1.2336. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to rise higher towards at least 1.2386 with a view to test the daily resistace 2.

The level of 1.2386 will act as strong resistance and the double top is already set at the point of 1.2336. On the other hand, if a breakout happens at the support level of 1.2186, then this scenario may become invalidated.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for EUR/USD for April 30, 2025: sell below 1.1376 (21 SMA - 7/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1378 within the downtrend channel formed on April 17 and showing signs of exhaustion of bullish strength. A technical

Dimitrios Zappas 17:37 2025-04-30 UTC+2

Forex forecast 30/04/2025: EUR/USD, AUD/USD, USD/JPY, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 16:31 2025-04-30 UTC+2

Trading Signals for GOLD (XAU/USD) for April 30, 2025: buy above $3,270 (21 SMA - 6/8 Murray)

Early in the American session, gold is trading around 3,384, above key support and rebounding after reaching 3,267. Gold is expected to regain strength if it consolidates above 3,381 (6/8

Dimitrios Zappas 15:07 2025-04-30 UTC+2

Forex forecast 29/04/2025: EUR/USD, GBP/USD, Gold, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 08:41 2025-04-30 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday April 30, 2025.

With the appearance of Divergent and Descending Broadening Wedge patterns on the 4-hour chart of the AUD/JPY cross currency pair, although its price movement is below the EMA (21) which

Arief Makmur 06:19 2025-04-30 UTC+2

Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 30, 2025.

On the 4-hour chart of the main currency pair USD/JPY, it can be seen that the Stochastic Oscillator indicator forms a Double Bottom pattern while the price movement of USD/JPY

Arief Makmur 06:17 2025-04-30 UTC+2

Trading Signals for GOLD (XAU/USD) for April 29-30, 2025: buy above $3,310 (21 SMA - 7/8 Murray)

Early in the American session, gold is trading around the 3,310 level, where it is located at the 21SMA and within a symmetrical triangle pattern formed on April 23. Consolidation

Dimitrios Zappas 18:10 2025-04-29 UTC+2

Trading Signals for EUR/USD for April 29-30, 2025: sell below 1.1410 (symmetrical triangle - 7/8 Murray)

Our trading plan for the coming hours is to sell below 1.1410 with targets at 1.1370 and 1.1230. The eagle indicator is giving a negative signal, so we believe

Dimitrios Zappas 17:52 2025-04-29 UTC+2

Forex forecast 28/04/2025: EUR/USD, GBP/USD, USD/JPY, USDX, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 18:34 2025-04-28 UTC+2

Trading Signals for EUR/USD for April 28-30, 2025: sell below 1.1370 (21 SMA - 7/8 Murray)

On the other hand, if bearish pressure prevails and the euro consolidates below 1.1370, it could be seen as a sell signal with targets at the 6/8 Murray located

Dimitrios Zappas 16:29 2025-04-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.