empty
 
 
13.12.2021 04:37 PM
GBPUSD could reach 1.3415 this week.

GBPUSD is trading at 1.3262 right now and price is showing reversal signs. The decline from 1.3830 is most probably over and we should expect price to recover at least part of the decline. Our first bounce target is at 1.3415.

This image is no longer relevant

Black lines - Fibonacci retracements

GBPUSD has so far retraced 38% of the entire upward movement from March 2020 lows. This is important Fibonacci support. The Daily RSI has reached oversold levels and is bouncing higher.

This image is no longer relevant

Blue lines- bullish divergence

Red lines - bearish channel

Price has exited the near term bearish channel and so far provided three bullish divergence signals. Combined with the fact that at 1.3170 we find the major Fibonacci support, I believe we are currently in a reversal phase and I prefer to be bullish as long as price is above 1.3170. I expect over the coming days price to continue higher and reach initially the 1.3415 level which is the 38% Fibonacci retracement of the decline from 1.3830.

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
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback