April 24, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Since then, Short-term outlook has turned into bearish towards 1.2900, 1.2850 then 1.2800 where the lower limit of the depicted channel comes to meet the GBPUSD pair.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry.

TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3170.

The material has been provided by InstaForex Company - www.instaforex.com

April 23, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Since then, Short-term outlook has turned into bearish towards 1.2900, 1.2850 then 1.2800 where the lower limit of the depicted channel comes to meet the GBPUSD pair.

The material has been provided by InstaForex Company - www.instaforex.com

April 22, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Since then, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry.

TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3170.

The material has been provided by InstaForex Company - www.instaforex.com

April 19, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3150-1.3180). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Hence, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3170.

The material has been provided by InstaForex Company - www.instaforex.com

April 18, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3140-1.3170). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Hence, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920.S/L to be located above 1.3170.

The material has been provided by InstaForex Company - www.instaforex.com

April 17, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Currently, the price zone of 1.3140-1.3170 corresponds to the upper limit of the depicted bearish channel where another bearish movement may be initiated.

Bearish rejection is still anticipated around the mentioned price levels (1.3140-1.3170).

Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3150-1.3170 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920.

S/L to be located above 1.3190.

The material has been provided by InstaForex Company - www.instaforex.com

April 16, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Currently, the price zone of 1.3140-1.3170 corresponds to the upper limit of the depicted bearish channel where another bearish movement may be initiated.

Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3150-1.3170 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920.

S/L to be located above 1.3190.

The material has been provided by InstaForex Company - www.instaforex.com

April 11, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection. This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line were located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180).

Further bearish decline is expected towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3160-1.3180 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920.

The material has been provided by InstaForex Company - www.instaforex.com

April 10, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line were located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180).

Further bearish decline is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3160 should be considered for another SELL entry. TP levels to be located around 1.3020 then 1.2950 - 1.2920. S/L to be located above 1.3200

The material has been provided by InstaForex Company - www.instaforex.com

April 9, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection. This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line were located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180).

Further bearish decline is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3160 should be considered for another SELL entry. TP levels to be located around 1.3020 then 1.2950 - 1.2920.

The material has been provided by InstaForex Company - www.instaforex.com

April 8, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection. This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line were located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180).

Further bearish decline is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

Trade Recommendations:

Intraday traders who had SELL entries around the price zone of (1.3160-1.3180) should have taken partial profit taking around 1.3050-1.3030 Trailing SL to be lowered to 1.3100 to secure remaining profits.

Any bullish pullback towards 1.3160 should be considered for another SELL entry. TP levels to be located around 1.3020 then 1.2950 - 1.2920.

The material has been provided by InstaForex Company - www.instaforex.com

April 5, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 (Feb. 27) before the bearish pullback brought the pair towards the uptrend again.

A weekly bearish gap pushed the pair towards the up-trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair pursued the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high than the one achieved on February 27.

Instead, significant bearish pressure was demonstrated below 1.3250. That's why, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support leading to obvious bearish breakdown.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line are located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180) where the current bearish decline was initiated.

Further bearish movement is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

The material has been provided by InstaForex Company - www.instaforex.com

April 4, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 (Feb. 27) before the bearish pullback brought the pair towards the uptrend again.

A weekly bearish gap pushed the pair towards the up-trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair pursued the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high than the one achieved on February 27.

Instead, significant bearish pressure was demonstrated below 1.3250. That's why, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support leading to obvious bearish breakdown.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line are located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180). Further bearish decline is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

Trade Recommendations:

Based on Yesterday's recommendations, Intraday traders who had SELL entries around the price zone of (1.3160-1.3180) should have partial profit taking around 1.3070-1.3050.

Remaining TP levels to be located around 1.3020, 1.2950 and 1.2920 while SL to be lowered to 1.3100 to secure remaining profits.

The material has been provided by InstaForex Company - www.instaforex.com

April 3, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated towards the uptrend again.

On March 25, bullish persistence above 1.3250 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support leading to obvious bearish breakdown.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line are located.

Bearish rejection should be anticipated around the current price levels (1.3160-1.3180) as long as no bullish breakout above 1.3200 is achieved.

Trade Recommendations:

Intraday traders should can have a valid SELL entry around the current price zone (1.3160-1.3180).

SL to be located above 1.3200. TP levels to be located around 1.3100 and 1.3020.

The material has been provided by InstaForex Company - www.instaforex.com

April 2, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated.

Bullish persistence above 1.3250 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This pushed the pair up towards the price zone of (1.3150-1.3160) where the upper limit of the depicted bearish channel demonstrated evident bearish rejection to retest the recent bottom established around 1.3000-.2980.

Trade Recommendations:

Intraday traders should wait for another bullish pullback towards the upper limit of the movement channel as well as the backside of the broken uptrend line around (1.3160-1.3180) for a valid SELL entry.

SL to be located above 1.3200. TP levels to be located around 1.3100 and 1.3020.

The material has been provided by InstaForex Company - www.instaforex.com

March 29, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated.

Bullish persistence above 1.3250 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support.

Currently, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) is being challenged where bullish rejection is expected to be found.

Next bullish target is located around 1.3140 where the upper limit of the depicted movement channel is located.

Trade Recommendations:

Intraday traders can have a valid BUY entry around the lower limit of the movement channel (1.3000-1.3020).

SL to be located below 1.2970. TP levels to be located around 1.3100 and 1.3140

The material has been provided by InstaForex Company - www.instaforex.com

March 28, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the bearish pullback brought the pair towards the uptrend again on March 11.

A weekly bearish gap pushed the pair slightly below the trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Bullish persistence above 1.3060 allowed the GBPUSD pair to pursue the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the recent bearish pullback was initiated.

Bullish persistence above 1.3250 was needed for confirmation of a bullish Flag pattern. However, significant bearish pressure was demonstrated below 1.3250 demonstrating a false bullish breakout above 1.3200 (the upper limit of the depicted bearish channel).

Hence, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support.

Currently, further bearish decline should be expected towards 1.3020-1.3000 where the lower limit ofthe depicted movement channel is located.

On the other hand, The price level around 1.3150 (backside of the broken trendline) stands as an Intraday resistance/supply level where a valid SELL entry can be taken upon any bullish pullback.

Trade Recommendations:

Intraday traders should wait for a bullish pullback towards 1.3150 for a valid SELL entry.

SL to be located above 1.3190. TP levels to be located around 1.3100, 1.3050 and 1.3015.

The material has been provided by InstaForex Company - www.instaforex.com