empty
 
 
15.11.2023 09:21 AM
GBPUSD H4 | Falling toward support level?

This image is no longer relevant

The GBP/USD chart currently shows bullish momentum but might experience a short-term dip towards the 1st support at 1.2423, expected to attract buyers. The 2nd support at 1.2301 is another pullback support, adding to its significance. On the resistance side, the 1st resistance at 1.2499 aligns with the 127.20% Fibonacci Extension level, suggesting potential selling pressure. The 2nd resistance at 1.2580 is an overlap resistance, coinciding with the 161.80% Fibonacci Extension level, indicating a point of increased selling interest during a potential rise. Overall, a short-term drop towards the 1st support may precede a bounce towards the 1st resistance.

Dean Leo,
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 $9000 more!
    In May we raffle $9000 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