empty
 
 
12.08.2022 05:48 PM
Trading Signal for GBP/USD for August 12 - 15, 2022: buy above 1.2083 (21 SMA - uptrend)

This image is no longer relevant

British Pound is trading at around 1.2137 above the 21 SMA located at 1.2083 and below the downtrend channel which has been in progress since March 18.

The pound has made a technical correction after reaching the top of the downtrend channel at around 1.2275. This correction could be considered an opportunity to buy above the 21 SMA. Hence, GBP/USD could again resume its bullish cycle.

The dollar index was bouncing above 4/8 Murray at around 104.60. The outlook remains positive for the dollar which could put downward pressure on the British pound and it could fall towards the support zone of 1.2080.

As long as the British pound trades above 1.2083, the outlook could remain bullish. A sharp break of the downtrend channel at around 1.2230 could accelerate the bullish move towards 6/8 Murray at 1.2451.

Our trading plan for the next few days is to wait for the British pound to consolidate at around 1.2080 to buy with targets at 1.2207, 1.2329, and 1.2451.

Dimitrios Zappas,
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 $8000 more!
    In March we raffle $8000 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