empty
10.08.2021 09:13 AM
Technical Analysis of GBP/USD for August 10, 2021

Technical Market Outlook:

The GBP/USD pair has broken below the level of 1.3874, which is the lower boundary of a local demand zone located between the levels of 1.3874 - 1.3906. The next target for bears is seen at the level of 1.3822 and 1.3807, both of them are technical supports. Moreover, the level of 1.3824 is the 38% Fibonacci retracement seen at the daily time frame chart. The market is approaching the oversold conditions and the momentum is negative, so another drop towards the mentioned support levels might occur any time soon.

Weekly Pivot Points:

WR3 - 1.4009

WR2 - 1.3980

WR1 - 1.3916

Weekly Pivot - 1.3887

WS1 - 1.3821

WS2 - 1.3780

WS3 - 1.3720

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

This image is no longer relevant

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 May 28, 2025

On Tuesday, the euro underwent a technical correction from the resistance level 1.1420. On the same day, gold declined by 1.14%, WTI crude oil by 0.44%, and government bond yields

Laurie Bailey 05:08 2025-05-28 UTC+2

GBP/USD Forecast for May 28, 2025

On Tuesday, the British pound hesitated to enter the narrow wedge between the price channel line and the target level 1.3635. In the context of a 0.42% strengthening

Laurie Bailey 05:08 2025-05-28 UTC+2

USD/JPY Forecast for May 28, 2025

Yesterday, the USD/JPY pair posted solid growth—0.90% or 149 pips—on the back of a 0.42% strengthening of the U.S. dollar index. As a result, the price is now trading above

Laurie Bailey 05:08 2025-05-28 UTC+2

EUR/JPY. Current Market Situation and Forecast

Today, the EUR/JPY pair is attracting buyers after declining during the Asian session to the key 162.00 level. From a technical standpoint, oscillators on both the hourly and daily charts

Irina Yanina 19:28 2025-05-27 UTC+2

Trading Signals for GOLD (XAU/USD) for May 27-29, 2025: buy above $3,281 (6/8 Murray - 21 SMA)

On the other hand, if gold maintains bullish momentum, the price could break above resistance at 3,330, and then we could expect a new bullish sequence, potentially reaching 3,437

Dimitrios Zappas 18:33 2025-05-27 UTC+2

Trading Signals for EUR/USD for May 27-29: sell below 1.1350 (21 SMA - 7/8 Murray)

If the euro breaks the uptrend channel, we could expect a drop towards the 200 EMA located at 1.1230 and could even reach the gap it left

Dimitrios Zappas 18:31 2025-05-27 UTC+2

Forecast for EUR/USD on May 27, 2025

On Monday, the EUR/USD pair returned to the support zone of 1.1374–1.1380. A rebound from this zone would once again work in favor of the euro and a resumption

Samir Klishi 11:47 2025-05-27 UTC+2

Forecast for GBP/USD on May 27, 2025

On the hourly chart, the GBP/USD pair continued to rise on Monday from the 161.8% Fibonacci retracement level at 1.3520. However, in the middle of the day, news broke that

Samir Klishi 11:44 2025-05-27 UTC+2

Forex forecast 27/05/2025: EUR/USD, GBP/USD, 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 10:19 2025-05-27 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Tuesday May 27, 2025.

With the movement of Gold prices on the 4-hour chart moving above the WMA (21) with a slope that is going upwards, Gold in the near future has the potential

Arief Makmur 09:01 2025-05-27 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.