empty
 
 
10.08.2022 05:29 AM
Trading Signal for GBP/USD for August 10 - 11, 2022: sell in case of pullback at 1.2107 (200 SMA - top bearish channel)

This image is no longer relevant

GBP/USD remains below the downtrend channel which has been unfolding since July 29. It is currently trading below the 200 EMA and the 21 SMA with a slightly bearish bias.

Yesterday, the pair reached a high of 1.2130 just at the top of the downtrend channel and then fell to 1.2062. The British pound has strong support at around 1.2060. If you look at the 4-hour chart, it has become a key level of support and resistance since July 21.

If GBP/USD consolidates above the 1.2060 support in the next few hours, a technical bounce could occur to challenge the top of the downtrend channel at around 1.2105. In the case of a failure to break it, we will have an opportunity to sell with targets at 61.8% Fibonacci around 1.1962.

Conversely, if the bullish force prevails and the pair consolidates above the 200 EMA (1.2118), a sharp break of the downtrend channel could occur and the pound could rally towards 4/8 Murray at 1.2207 and up to 5/8 Murray at 1.2329.

Early in the American session, the CPI for July in the United States will be published. The market consensus is that the annual rate fell from 9.1% to 8.7%. A surprise to the upside could trigger a rally in the US dollar, as it would cement expectations of an aggressive rate hike. Consequently, the GBP/USD pair could fall towards the psychological level of 1.2000.

On the 4-hour chart, you can see the line of 50.0% and the 61.8% Fibonacci retracement. These levels will be a key zone to buy in case there is a drop in the pair.

The bottom line is to expect the price consolidation at around 2/8 Murray and 61.8%. Above this zone, there could be a good point to buy with targets at 1.2207 and 1.2329.

The eagle indicator continues to show a bearish signal and the pound is likely to extend its decline as long as it remains trading below 1.2220 (200 EMA).

Our trading plan for the next few hours is to sell below 1.2107 with targets at 1.2060 and 1.2025 (50.0%) as the currency pair could even reach 61.8% at around 1.1962.

Dimitrios Zappas,
Especialista em análise na InstaForex
© 2007-2024
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO
  • Chancy Deposit
    Deposite US $ 3.000 em sua conta e receba $8000 mais!
    Em Março nós sorteamos $8000 na campanha Chancy Deposit!
    Tenha a chance de ganhar, depositando $3,000 em sua conta de negociação. Após cumprir essa condição, você se torna um participante da campanha.
    PARTICIPE DO CONCURSO
  • Trade Wise, Win Device
    Abasteça a sua conta com pelo menos $500, inscreva-se no concurso e tenha a chance de ganhar dispositivos móveis.
    PARTICIPE DO CONCURSO
  • Bônus de 100%
    Sua oportunidade única de receber um bônus de 100% em seu depósito
    RECEBA O BÔNUS
  • Bônus de 55%
    Solicite um bônus de 55% em cada depósito
    RECEBA O BÔNUS
  • Bônus de 30%
    Receba um bônus de 30% toda vez que você fizer um depósito em sua conta
    RECEBA O BÔNUS

Recommended Stories

Não pode falar agora?
Faça sua pergunta no chat.
Widget callback