empty
24.09.2023 11:04 PM
Weekly review on GBP/USD for September 24, 2023

This image is no longer relevant

Overview :

The GBP/USD pair will continue rising from the level of 1.2377 today. So, the support is found at the level of 1.2377, which represents the 23.6% Fibonacci retracement level in the H1 time frame. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend.

Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.2377. The current price is set at the level of 1.2423 that acts as a daily pivot point seen at 1.2434. Equally important, the price is in a bullish channel.

According to the previous events, we expect the GBP/USD pair to move between 1.2495 and 1.2377. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.

Therefore, strong support will be formed at the level of 1.2377 providing a clear signal to buy with the target seen at 1.2460. If the trend breaks the resistance at 1.2460 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.2495 in order to test the daily resistance 2.

In the same time frame, resistance is seen at the levels of 1.2495 and 1.2500. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2326 (below the support 2).

If the price of Pound Sterling is trading above 1.2583 then possibility of upside targets getting achieved is higher around the level of 1.2783. The basic bullish trend is very strong on the GBP/USD pair, but the short term shows some signs of running out of steam. Nevertheless, a purchase could be considered as long as the price remains above 1.2461.

Crossing the first resistance at 1.2583 would be a sign of a potential new surge in the price. Buyers would then use the next resistance located at 1.2583 as an objective. Crossing it would then enable buyers to target 1.2583. Caution, a return to below 1.2583 would be a sign of a consolidation phase in the short-term basic trend.

If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend. In the very short term, the general bullish sentiment is not called into question, despite technical indicators being indecisive.

All elements being clearly bullish market, it would be possible for traders to trade only long positions on the GBP/USD pair as long as the price remains well above the price of 1.2461. A bullish break in this resistance would boost the bullish momentum.

The buyers could then target the resistance located at 1.2583. This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.2583 (double top), then the market will call for a strong bullish market towards the objective of 1.2615 this week.

It is also should be noted, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2432, a further decline to 1.2400 can occur.

It would indicate a bearish market. Signals: The trend is still bullish as long as the price of 1.2585 is not broken. Thereupon, it would be wise to buy above the price of at 1.2585 with the primary target at 1.2678. Then, the GBP/USD pair will continue towards the second target at 1.2718 . The breakdown of 1.2585will allow the pair to go further down to the prices of 1.2492.

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

GBP/USD Forecast for July 3, 2025

By the end of yesterday, the British pound had lost 108 pips. Although the reason was not the anticipation of today's U.S. employment data, but rather domestic political turmoil, this

Laurie Bailey 05:11 2025-07-03 UTC+2

Silver Forecast for July 3, 2025

After two days of intense struggle (Monday and Tuesday) between the bulls and bears along the price channel line amid heightened volatility, yesterday we saw the outcome — the bulls

Laurie Bailey 05:11 2025-07-03 UTC+2

Trading Signals for EUR/USD for July 2-5, 2025: sell below 1.1840 (+1/8 Murray - 21 SMA)

If the euro breaks below 1.1762 and consolidates below this price zone, a bearish acceleration is likely and could reach the bottom of the trend channel around 1.1620. It could

Dimitrios Zappas 19:00 2025-07-02 UTC+2

Trading Signals for GOLD (XAU/USD) for July 2-8, 2025: buy above 3,325 (21 SMA - 200 EMA)

Gold could be preparing for a new bullish sequence, so as the price consolidates above 3,325 or 3,312, any technical rebound will be seen as a buying signal, with short-term

Dimitrios Zappas 18:58 2025-07-02 UTC+2

USD/JPY. Analysis, Forecast, and Current Market Situation

Negative oscillators on the 4-hour chart indicate that any further upward movement can be viewed as a selling opportunity. From a technical standpoint, the presence of negative oscillators

Irina Yanina 18:48 2025-07-02 UTC+2

Forex forecast 02/07/2025: EUR/USD, USD/CAD, GBP/USD, Oil 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 12:12 2025-07-02 UTC+2

Forecast for EUR/USD on July 2, 2025

On Tuesday, the EUR/USD pair made an unsuccessful attempt to consolidate above the 1.1802 level. Today, a rebound from this level would favor the US dollar and a decline toward

Samir Klishi 11:07 2025-07-02 UTC+2

Forecast for GBP/USD on July 2, 2025

On the hourly chart, the GBP/USD pair continued rising on Tuesday, although bulls slightly pulled back, allowing the pair to consolidate below the 200.0% corrective level at 1.3749. However, this

Samir Klishi 11:00 2025-07-02 UTC+2

Can AUD/USD test its nearest Resistance level, Wednesday, July 2, 2025.

AUD/USD – Wednesday, July 2, 2025 The AUD/USD currency pair was boosted up by the weakening of the Greenback due to the uncertainty of the tariff war and the push

Arief Makmur 08:58 2025-07-02 UTC+2

Although EUR/GBP has the potential to be corrected, there is an opportunity to strengthen again, Wednesday, July 2, 2025.

EUR/GBP – Wednesday, July 2, 2025 EUR/GBP has the potential to strengthen due to the ECB's policy which signals that its Dovish policy is almost over, while the BoE continues

Arief Makmur 08:58 2025-07-02 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.