empty
05.07.2023 08:19 AM
Technical Analysis of GBP/USD for July 5, 2023

Technical Market Outlook:

The GBP/USD pair has been rejected from the intraday technical resistance located at 1.2726 and in the short-term the bulls are under pressure. The pair has broken out from the narrow zone located between the levels of 1.2660 - 1.2726 and is currently approaching the 61% Fibonacci retracement level located at 1.2750. The immediate technical support is seen at the level of 1.2659 (100 MA), but the key technical support is seen at 1.2590. Please notice, the momentum is hovering around the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the technical resistance would change the outlook to more bullish.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.27765

WR2 - 1.27279

WR1 - 1.27004

Weekly Pivot - 1.26793

WS1 - 1.26518

WS2 - 1.26307

WS3 - 1.25821

Trading Outlook:

The 61% Fibonacci retracement located at the level of 1.2778 has been hit, but it does not indicate the corrective cycle to the upside had been terminated. Any sustained breakout above this level and a weekly candle close above it is needed to change the long-term outlook to bullish. The key long term level of technical support is seen at 1.2444. The next long-term target for bulls is seen at the level of 1.3160.

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

Trading Signals for GOLD (XAU/USD) for April 4-7, 2025: sell below $3,120 or buy above $3,025 (21 SMA - rebound)

If the gold price breaks the uptrend channel again and consolidates below 3,090 in the coming hours, we could expect it to continue falling, and the price could reach 3,070

Dimitrios Zappas 17:37 2025-04-04 UTC+2

Forex forecast 04/04/2025: EUR/USD, USD/JPY, SP500, Gold 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 14:17 2025-04-04 UTC+2

EUR/USD. April 4th. The Trade Conflict Is Only Gaining Momentum

On Thursday, the EUR/USD pair continued its upward movement. At the moment, the decline in the U.S. dollar has paused, but the market could "explode" again at any moment

Samir Klishi 10:32 2025-04-04 UTC+2

GBP/USD. April 4th. What Can the Dollar Count On?

On the hourly chart, the GBP/USD pair once again soared on Thursday, breaking through several levels. Consolidation below the 1.3151 level allows for expectations of a slight decline toward

Samir Klishi 10:21 2025-04-04 UTC+2

EUR/USD and GBP/USD April 4 – Technical Analysis

After several attempts and three weeks of consolidation, the bulls finally launched a breakout, allowing them to close yesterday well above the resistance levels of the Ichimoku Cloud

Evangelos Poulakis 09:38 2025-04-04 UTC+2

EUR/USD Forecast for April 4, 2025

On Thursday, investors flight from risk, and the dollar reached its peak: the S&P 500 dropped by 4.84%, the dollar index by 1.64%, oil by 6.90%, gold by 1.00%, copper

Laurie Bailey 05:34 2025-04-04 UTC+2

GBP/USD Forecast for April 4, 2025

By the end of yesterday, the British pound had risen by 92 pips, with a peak gain of 204 pips. The price reached the target range of 1.3184–1.3208 before retreating

Laurie Bailey 05:34 2025-04-04 UTC+2

AUD/USD Forecast for April 4, 2025

The Australian dollar reacted fairly calmly to Trump's tariffs, ending the day within the broad consolidation range of 0.6273–0.6351. However, Friday began with a decisive decline, and at the moment

Laurie Bailey 05:34 2025-04-04 UTC+2

Trading Signals for GOLD (XAU/USD) for April 3-5, 2025: buy above $3,055 (21 SMA - rebound)

If the gold price returns above the uptrend channel and consolidates above 3,075, the outlook could be bullish, and we could look for buying opportunities with a target at 3,125

Dimitrios Zappas 16:43 2025-04-03 UTC+2

EUR/USD – April 3rd: The Dollar Suffers Another Collapse

On Wednesday, the EUR/USD pair surged sharply. This movement can hardly be called a mere rise. When it comes to the U.S. dollar, it was another collapse—one of many seen

Samir Klishi 11:25 2025-04-03 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.