empty
 
 
13.05.2022 01:16 PM
Trading plan for GBPUSD on May 13, 2022

This image is no longer relevant

Technical outlook:

GBPUSD might have carved a potential bottom around the 1.2160 levels on Thursday. The currency pair is unfolding a Doji candlestick on its daily chart and a successful completion would indicate a potential trend reversal going forward. Bulls need to hold prices above 1.2160 and push them through the 1.2640 mark going forward.

GBPUSD has been declining since 1.4250 highs, posting a series of lower lows and lower highs. The entire structure between 1.4250 and 1.2160 looks corrective (zigzag) and might be complete or almost complete. Furthermore, prices might well be supported around current levels (1.2200-1.2300), which is the Fibonacci 0.618 retracement of an upswing on a larger scale.

GBPUSD has also produced a strong bullish divergence on the daily RSI as prices dropped from 1.2640 highs to 1.2160 lows. This could be seen as a potential trend reversal as traders prepare to initiate fresh long positions from current levels (1.2200-10). It would be interesting to see how prices react in the next 1-2 days.

Trading plan:

Potential rally through 1.2640 against 1.2100

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • 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 $9000 more!
    In May we raffle $9000 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

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback