empty
12.09.2023 11:49 AM
Technical Analysis of GBP/USD for September 12, 2023

Technical Market Outlook:

The GBP/USD pair has been moving lower on the H4 time frame chart after the bulls got rejected from the level of 1.2546 during the bounce attempt. The market still trades below the short-term trend line resistance, so any violation of the short-term support seen at the level of 1.2444 will extend the drop lower towards the level of 1.2393 and 1.2377. The intraday technical resistance is seen at the level of 1.2546 and the intraday technical support is seen at the level of 1.2450. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for GBP, however, now is the time for bull to bounce higher and test the technical resistance.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.26098

WR2 - 1.25569

WR1 - 1.25339

Weekly Pivot - 1.25040

WS1 - 1.24810

WS2 - 1.24511

WS3 - 1.23982

Trading Outlook:

The bulls were rejected at the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. The weekly time frame chart shows the Bearish Engulfing candlestick pattern was made during the breakout attempt above the 1.3163, so now the bears are in charge of the market. Any sustained breakout below the technical support seen at the level of 1.1775 would dramatically increase the chances of another leg down towards the level of 1.1494.

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

EUR/USD Forecast for June 26, 2025

EUR/USD Yesterday's data on new home sales in the U.S. for May turned out worse than expected — 623,000 units were sold versus a forecast of 694,000, and the April

Laurie Bailey 05:11 2025-06-26 UTC+2

GBP/USD Forecast for June 26, 2025

GBP/USD With the British pound's active rise this morning, the price consolidation above 1.3635 on the daily chart can be considered confirmed. This opens the path to targets at 1.3834

Laurie Bailey 04:57 2025-06-26 UTC+2

EUR/NZD Forecast for June 26, 2025

EUR/NZD On the weekly chart, the signal line of the Marlin oscillator has turned upward from the border of the bearish territory. The last time a similar pattern occurred (a

Laurie Bailey 04:57 2025-06-26 UTC+2

Trading Signals for EUR/USD for June 25-28, 2025: sell below 1.1645 (21 SMA - 7/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1623 within the uptrend channel formed since June 10th and showing a slight recovery after consolidating in this area

Dimitrios Zappas 18:35 2025-06-25 UTC+2

Forecast for EUR/USD on June 25, 2025

On Tuesday, the EUR/USD pair continued its upward movement and nearly reached the 1.1645 level. A rebound from this level would favor the US dollar and lead to a decline

Samir Klishi 12:49 2025-06-25 UTC+2

Forecast for GBP/USD on June 25, 2025

On the hourly chart, the GBP/USD pair continued its upward movement on Tuesday toward the resistance zone of 1.3611–1.3633. This is already the fifth attempt by the bulls to secure

Samir Klishi 12:46 2025-06-25 UTC+2

Forex forecast 25/06/2025: EUR/USD, USD/JPY, SP500, NDX, INDU 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 10:03 2025-06-25 UTC+2

EUR/USD still trying to test the 1st Resistance level, Wednesday, June 25,2025.

EUR/USD is currently moving between the 1st Pivot and Resistance zone level area with an uptrend bias. Key Levels 1. Resistance. 2: 1.16753. 2. Resistance. 1: 1.16419. 3. Pivot

Arief Makmur 09:13 2025-06-25 UTC+2

The strengthening that occurred in USD/JPY is just a momentary correction. Wednesday, June 25, 2025.

Although there is a potential for strengthening correction, USD/JPY still has the opportunity to weaken again in line with the previous bias. Key Levels 1. Resistance. 2 : 145.839

Arief Makmur 09:13 2025-06-25 UTC+2

EUR/USD Forecast for June 25, 2025

The euro continues its movement toward the projected target of 1.1820, which is the upper boundary of the price channel. Yesterday's growth totaled 32 pips. Bears can reverse the trend

Laurie Bailey 05:12 2025-06-25 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.