empty
 
 
29.09.2023 06:00 AM
GBPUSD H4 | Reacting off resistance level?

This image is no longer relevant

The GBP/USD chart exhibits bearish momentum due to its position below the bearish Ichimoku cloud. A possible scenario envisions a bullish rebound from the initial support at 1.2111, targeting the 1st resistance. The 1st support, identified as an overlap support, plays a crucial role in price movements. On the resistance side, the 1st resistance at 1.2308, acting as a pullback resistance, could hinder initial upward movements. Additionally, the 2nd resistance at 1.2442, characterized as an overlap resistance, presents another potential obstacle to bullish price advances. An intermediate resistance at 1.2237 also acts as a pullback resistance.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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 $4000 more!
    In July we raffle $4000 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