empty
 
 
22.05.2023 03:44 PM
Technical analysis on GBPUSD for May 22nd, 2023.

This image is no longer relevant

Green lines- bullish RSI divergence

Red line- resistance trend line

GBPUSD is trading around 1.2448 making lower lows and lower highs. Last week we warned traders for the potential reversal and pull back. Price has now formed bullish RSI divergence signals suggesting the increased chances of a bounce higher. Currently we find resistance at the red trend line at 1.2466 and a rejection there will open the way to a bigger decline towards the green trend line at 1.2366. The bullish RSI divergence is not a reversal signal but only a warning of a weakening down trend. Price can continue moving lower as long as price is below the recent high of 1.2482.

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 $9000 more!
    In May we raffle $9000 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