empty
 
 
06.09.2023 07:25 AM
GBPUSD, H4 | Potential Bullish Reversal?

This image is no longer relevant

The GBP/USD chart exhibits a bearish momentum, being below a significant descending trend line, hinting at possible continued bearishness. There's potential for a bearish reaction at the 1st resistance, possibly leading to a drop to the 1st support.

The 1st support at 1.2535 is a multi-swing low support, aligning with the 78.60% Fibonacci Projection and the 161.80% Fibonacci Extension, making it a strong potential support level. Another 1st support at 1.2504 is an overlap support, indicating historical support at this level.

On the resistance side, the 1st resistance at 1.2579 and the 2nd resistance at 1.2643 are both overlap resistances, potentially impeding bullish movements

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Dean Leo
Start trade
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
  • 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