See also
09.12.2022 04:00 PM
As of writing, GBPUSD is trading near the level of 1.2240, in the zone of the medium-term bull market, above support levels 1.2110 (200 EMA on the daily chart), 1.1930 (144 EMA on the daily chart), 1.1875 (200 EMA on the 4-hour chart).
Since the end of September, the GBP/USD has been developing an upward trend, taking advantage of both the weak dollar and the measures taken by the Bank of England to support the British government bond market.
The breakout of the long-term resistance level 1.2250 (50 EMA on the weekly chart), local resistance level 1.2343 (highs since July and December), 1.2500 (upper boundary of the ascending channel on the daily chart) are on the way. The growth targets are the key resistance levels 1.2810 (144 EMA on the weekly chart), 1.2950 (200 EMA on the weekly chart), separating the long-term bull market from the bear market.
An alternative scenario will be associated with a breakdown of the 1.2110 support level and a further decline deep into the descending channel on the weekly chart.
The breakout of support levels 1.1875, 1.1800 (50 EMA on the daily chart) will confirm this scenario.
In the meantime, above support levels 1.2161 (200 EMA on the 1-hour chart), 1.2100, long positions remain preferable.
Support levels: 1.2200, 1.2161, 1.2100, 1.2000, 1.1930, 1.1875, 1.1800
Resistance levels: 1.2250, 1.2300, 1.2343, 1.2400, 1.2500
Trading Tips
Sell Stop 1.2220. Stop-Loss 1.2310. Take-Profit 1.2200, 1.2161, 1.2100, 1.2000, 1.1930, 1.1875, 1.1800, 1.1575, 1.1500, 1.1400, 1.1300, 1.1200, 1.1160, 1.0940
Buy Stop 1.2310. Stop-Loss 1.2220. Take-Profit 1.2343, 1.2400, 1.2500
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
