empty
 
 
15.04.2024 05:02 PM
Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA - 0/8 Murray)

This image is no longer relevant

The British pound is trading around 1.2483 reaching the top of the downtrend channel on the H1 chart forming since April 10. If the British pound breaks and consolidates above the psychological level of 1.25, we could expect it to return towards the 2/8 Murray where the 200 EMA is located, both at 1.2573. This area is seen as strong resistance.

If the British pound fails to break the downtrend channel, we could expect a technical correction around 0/8 Murray located at 1.2412. If a technical bounce occurs, this will be seen as an opportunity to buy.

Technically, the eagle indicator has been showing oversold signs since April 12. Therefore, we believe that while GBP/USD is trading above 1.2451, any technical bounce will be seen as an opportunity to buy with targets at 1.2571 and 1.2634.

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 $5000 more!
    In November we raffle $5000 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