empty
 
 
18.05.2022 12:08 AM
Technical analysis of GBP/USD for May 17, 2022

This image is no longer relevant

Overview :

The GBP/USD pair continued moving upwards from the level of 1.2347. The pair rose from the level of 1.2347 (weekly support) to the top around 1.2488.

Today, the first support level is seen at 1.2401 followed by 1.2347, while daily resistance is seen at 1.2533.

According to the previous events, the GBP/USD pair is still moving between the levels of 1.2401 and 1.2533; for that we expect a range of 132 pips in coming hours.

This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. This is confirmed by the RSI indicator signaling that we are still in a bullish market.

The price is still above the moving average (100) and (50). Furthermore, if the trend is able to break out through the first resistance level of 1.2583, we should see the pair climbing towards the new double top (1.2637) to test it.

On the contrary, if a breakout takes place at the support level of 1.2347, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.2276.

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
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 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.
    JOIN CONTEST
  • 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.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback