Forex Analysis & Reviews: Technical analysis of GBP/USD for September 02, 2022
time 02.09.2022 05:06 PM
time Relevance up to, 03.09.2022 05:06 PM

This image is no longer relevant

Overview :

The GBP/USD pair decreased within an down channel. Closing below the pivot point (1.1651) could assure that the GBP/USD pair will move lower towards cooling new lows. the bears must break through 1.1581 n order to resume the down trend.

We expect to see a strong reaction off this level to push price down towards 1.1498 before 1.1451 support (Fibonacci retracement, horizontal swing low support). RSI (14) is seeing major resistance below 50% where a corresponding reaction could occur. This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend.

The GBP/USD pair dropped from the level of 1.1651 to the bottom around 1.1498. But the pair has rebounded from the bottom of 1.1498 to close at 1.1580.

The price of 1.1651 demand zone remains the next significant level of support for the GBP/USD pair. Since last week, given the market's bearish momentum and sentiment, another bearish swing towards the 1.1498 support level looks imminent.

Today, the first support level is seen at 1.1498, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1651, which coincides with the 38.2% Fibonacci retracement level.

As a result, if the GBP/USD pair 1.1580 is able to break out the first support at 1.1498, the market will decline further to 1.1450 in order to test the daily support 2.

In the H1 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.

Since there is nothing new in this market, it is not bullish yet. So, it will be good to sell below the level of 1.1651 with the first target at 1.1498 and further to 1.1450.

Forecast (GBP/USD) :

The volatility is very high for that the GBP/USD is still moving between 1.1651 and 1.1450 in coming days. Consequently, the market is likely to show signs of a bearish trend again. Hence, it will be good to sell below the level of 1.1651 and 1.1580 with the first target at 1.1498 and further to 1.1450 in order to test the weekly support2. However, if the GBP/USD is able to break out the daily resistance at 1.1651, the market will rise further to 1.1746 to approach resistance 2 today.

Great Britain Pound vs US Dollar
Select timeframe
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

January 27, 2023 : EUR/USD daily technical review and trading opportunities.

The market has remained under buying pressure until a plateau level occurred around the key-zone around 1.0800-1.0750. In the mean time, any downside movement towards 1.0300 should be watched

Mohamed Samy 20:51 2023-01-27 UTC+2

January 27, 2023 : EUR/USD Intraday technical analysis and trading plan.

Price action around the key-level of (1.0550-1.0600) was quite bullish. That's why, further bullish continuation towards 1.0800 was demonstrated. Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200

Mohamed Samy 20:51 2023-01-27 UTC+2

January 27, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

Price action around 1.2340 was being watched for bearish rejection and a short-term SELL Entry. It was running in profits until the current bullish bounce has been expressed. Please take

Mohamed Samy 20:50 2023-01-27 UTC+2

AUD/USD: uptrend seems over

The AUD/USD pair registered strong growth but has now dropped below the uptrend line signaling that the upside movement ended and that the sellers could drag it lower. The uptrend

Ralph Shedler 18:42 2023-01-27 UTC+2

Technical analysis of GBP/USD for January 27, 2023

The bullish trend is currently very strong for the GBP/USD pair. As long as the price remains above the weekly support at 1.2260, you could try to take advantage

Mourad El Keddani 18:05 2023-01-27 UTC+2

Trading Signal for GBP/USD for January 27 - 30, 2023: buy above 1.2370 (21 SMA - bearish channel)

In case the British pound falls and trades below the 21 SMA located at 1.2361, there is a strong probability that it could fall and reach the bottom

Dimitrios Zappas 17:16 2023-01-27 UTC+2

USDJPY vulnerable to another sell off.

USDJPY remains in a bearish trend. Price continues making lower lows and lower highs in the medium- term downward sloping red channel. Price recently got rejected at the upper channel

Alexandros Yfantis 14:50 2023-01-27 UTC+2

EUR/USD: Technical analysis on January 27, 2023. American economy shows impressive growth

Hello, dear traders! Yesterday, EUR/USD reversed and fell to the 200.0% retracement level of 1.0869 in the 1-hour time frame. In case of a rebound from this level, the quote

Samir Klishi 10:36 2023-01-27 UTC+2

Analysis of GBP/USD on January 27. GBP on roller coaster ride

Hi everyone! On the 1H chart, the GBP/USD pair declined to 1.2342 yesterday. Shortly after, it rebounded from it this level to 1.2432. However, the US dollar managed to regain

Samir Klishi 10:29 2023-01-27 UTC+2

USDCAD, H4 Bearish breakout opportunity

Today we take a look at USDCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups

Dean Leo 09:58 2023-01-27 UTC+2
提出您的问题,用 在线帮助.