empty
 
 
06.10.2021 03:35 PM
GBPUSD short-term view.

In our last post we saw GBPUSD trading above 1.3620 and the major Fibonacci resistance and the important horizontal resistance area. However at the end of the day bears made a comeback and price closed right at the resistance. Today price has provided a sign of weakness. What sign is that?

This image is no longer relevant

Green rectangle- resistance area

Black upward sloping lines - bullish channel

Black horizontal lines - Fibonacci retracement

GBPUSD has broken out of the bullish channel and got rejected at the horizontal resistance area and the 61.8% Fibonacci retracement. Bulls want to see price make a higher low and then break above the recent highs and stay above the green rectangle. Bears on the other hand are happy with the rejection at the Fibonacci resistance and the exit out of the channel. However in order to regain full control of the trend bears will need to push price below recent lows at 1.3410.

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 $6000 more!
    In December we raffle $6000 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