empty
14.04.2023 12:52 AM
Technical analysis of GBP/USD for April 13, 2023

This image is no longer relevant

Overview :

The GBPUSD pair traded with strong positivity yesterday to return to the bullish channel that appears on the chart, to head towards achieving expected additional gains in the upcoming sessions, targeting visiting 1.2522 level mainly. Therefore, we expect to witness more bullish bias in the upcoming sessions, noting that breaking 1.2462 and holding above it will stop the positive scenario and push the price to decline again.

The expected trading range for today is between 1.2462 support and 1.2560 resistance. The GBP/USD pair is going to continue to rise from the level of 1.2462 in the long term.

It should be noted that the support is established at the level of 1.2462 which represents the 61.8% Fibonacci retracement level on the M30 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.2462.

So, buy above the level of 1.2462 with the first target at 1.2536 in order to test the daily resistance 1; and further to 1.2560.

Also, it might be noted that the level of 1.2560 is a good place to take profit because it will form a double top. The price is in a bullish channel now. In the Forex market, liquidity pertains to a currency pair's ability to be bought and sold at the current market price. Additionally, liquidity refers to market volatility and dynamics. Because the Forex market is colossal, it is also extremely liquid. Moreover, if a currency pair has high level of liquidity, it will be easier to trade.

On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2462, a further decline to 1.2343 can occur which would indicate a bearish market.

Trading recommendations :

The trend is still bullish as long as the price of 1.2463 is not broken. Thereupon, it would be wise to buy above the price of at 1.2463 with the primary target at 1.2536. Then, the GBP/USD pair will continue towards the second target at 1.2560.

In technical analysis: history usually repeats itself at certain level. So it will be of the wisdom to use historic rates to determine future prices. The technical analysis based only on the technical market data (quotes) with the help of various technical indicators. Moreover, in this book we will be touching on a variety of new techniques for applying numerical strategies, equations, formulas and probabilities. Additionally, we will be shared some of classical analysis such as breakout strategy and trend indicators. Alternative scenario : The breakdown of 1.2463 will allow the pair to go further down to the prices of 1.2403 and 1.2343.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

Forex forecast 02/04/2025: EUR/USD, USD/JPY, USDX and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:34 2025-04-02 UTC+2

Forecast for EUR/USD on April 2, 2025

On Tuesday, the EUR/USD pair rebounded from the support zone at 1.0781–1.0797 but failed to rise to the 200.0% Fibonacci level at 1.0857. On Wednesday morning, the pair returned

Samir Klishi 11:23 2025-04-02 UTC+2

Forecast for GBP/USD on April 2, 2025

On the hourly chart, the GBP/USD pair continued to move sideways on Tuesday. There is currently no dominance of either bulls or bears in the market—and this has been

Samir Klishi 11:17 2025-04-02 UTC+2

EUR/USD Forecast for April 2, 2025

By the end of yesterday, the euro fell by 25 pips, but risk appetite in the market continued to grow: the S&P 500 rose 0.38%, the yield on 5-year U.S

Laurie Bailey 04:49 2025-04-02 UTC+2

GBP/USD Forecast for April 2, 2025

Yesterday's data on UK manufacturing activity for March showed a decline from 46.9 to 44.9. Against the backdrop of the U.S. index falling from 52.7 to 50.2, the drop

Laurie Bailey 04:49 2025-04-02 UTC+2

Bitcoin Forecast for April 2, 2025

Bitcoin (BTC) After reaching the support level of 81,231 (the approximate low from March 4 and 18), the price approached the MACD line (86,038). A breakout above this line would

Laurie Bailey 04:49 2025-04-02 UTC+2

Trading Signals for EUR/USD for April 1-3, 2025: sell below 1.0804 (21 SMA - 8/8 Murray)

Early in the American session, the euro is trading around 1.0791, undergoing a technical correction after reaching the top of the downtrend channel formed on March 14 and showing signs

Dimitrios Zappas 15:06 2025-04-01 UTC+2

Trading Signals for GOLD (XAU/USD) for April 1-3, 2025: sell below $3,144 (21 SMA - 8/8 Murray)

On the other hand, if the price consolidates below the 8/8 Murray level at 3,125, the outlook will be negative. So, we believe the instrument could reach 3,091

Dimitrios Zappas 15:04 2025-04-01 UTC+2

Forex forecast 01/04/2025: EUR/USD, AUD/USD, NZD/USD, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:43 2025-04-01 UTC+2

EUR/USD. April 1. Traders Are Confused and Unwilling to Take Risks

On Monday, the EUR/USD pair continued its upward movement and even rebounded from the support zone at 1.0781–1.0797. However, believing in a further rise of the euro is becoming increasingly

Samir Klishi 11:32 2025-04-01 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

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?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

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 InstaForex anyway.

We are sorry for any inconvenience caused by this message.