empty
 
 
26.03.2024 04:14 AM
Trading Signals for GBP/USD on March 26-27, 2024: sell below 1.2696 (4/8 Murray - 21 SMA)

This image is no longer relevant

The GBP/USD pair is trading around 1.2635, bouncing after a sharp drop around 2/8 Murray at 1.2573. From that level, the British pound has been bouncing and is now showing signs of exhaustion. Below the 200 EMA or below the 4/8 Murray pivot point located at 1.2695, GBP/USD could resume its bearish cycle.

We expect GBP to fall towards the area of 1.2573. The instrument could even reach the psychological level of 1.25.

In the next few hours, we could look for opportunities to sell. In case the pound sterling consolidates below 1.2696 (200 EMA), this could be seen as an opportunity to sell with targets around 1.2634 and 1.2573.

GBP/USD had a break. If the price consolidates above 1.2756, it could continue its rise and could reach 1.2817 and ultimately, the psychological level of 1.30.

Given that the pound is under a strong downtrend, we believe that with any technical bounce below 1.2817 (6/8 Murray), the outlook will remain negative for the British pound.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
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 $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

Recommended Stories

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