Forex Analysis & Reviews: 07.04.2023 - Technical analysis of...

07.04.2023 12:31 PM

Technical analysis of GBP/USD for April 07, 2023

Overview:

The GBP/USD pair opened below the weekly pivot point (1.2537). It continued to move downwards from the level of 1.2537 to the bottom around 1.2497. Today, the first resistance level is seen at 1.2537 followed by 1.2587, while daily support 1 is seen at 1.2458. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.2537. Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50).

So it will be good to sell at 1.2537 with the first target of 1.2458. It will also call for a downtrend in order to continue towards 1.2411. The strong daily support is seen at the 1.2411 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the EUR/USD pair to trade between 1.2537 and 1.2411 in coming hours. The price area of 1.2537 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.2537 is not broken.

On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the resistance level of 1.2537, then a stop loss should be placed at 1.2587. Comment: The EUR/USD pair fell from 1.2666 to 1.2497. The strong resistance will be formed at 1.2587. Daily pivot is set at 1.2537. The market is still indicating a strong bearish trend from the area of 1.2537/1.2587.

Review :

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2548 with the first target at 1.2485 and continue towards 1.2429 so as to test the double bottom. If the trend breaks the double bottom level of 1.2429 , the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2385 in order to test the weekly support 3.

According to the previous events the price is expected to remain between 1.2548 and 1.2385 levels. Sell-deals are recommended below the price of 1.2548 with the first target seen at 1.2485. The movement is likely to resume to the point 1.2429. The descending movement is likely to begin from the level 1.2429 with 1.2385 and 1.2350 seen as new targets in coing hours.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Technical analysis

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