empty
 
 
20.10.2021 02:53 PM
GBPUSD turns lower.

In our last analysis on GBPUSD we warned that price was approaching an important resistance area and a pull back was expected and justified. In our analysis we noted that a pull back towards 1.3740-1.37 was expected to come soon. Price today made a low at 1.3741.

This image is no longer relevant

Black lines - bearish channel

Red lines- bullish channel

GBPUSD is pulling back. However price remains inside the short-term upward sloping red channel. Support at the red channel is at 1.3675. As long as price holds above this level, short-term will remain under the control of bulls. Resistance remains key around 1.38. Price is making higher highs and higher lows after the major low at 1.3410 at the end of September. This up trend is valid as long as the red channel is not broken downwards.

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 $1000 more!
    In April we raffle $1000 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