• Registered: 2012-11-06
  • Posts: 1,412

Re: InstaForex Analysis

GBPUSD Day | Bearish Continuation Expected?

https://forex-images.ifxdb.com/userfiles/20230918/analytics6507c808227b6.jpg

The GBP/USD chart displays a dominant bearish trend, emphasized by its position below the bearish Ichimoku cloud and a descending trend line. Key supports stand at 1.2293, backed by the 78.60% Fibonacci Projection, and 1.2182, aligned with the 100% Fibonacci Projection. Resistances are identified at 1.2418 and 1.2632, with the latter being an overlap resistance. The overall outlook remains bearish.

Analysis are provided by InstaForex.

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  • Registered: 2012-11-06
  • Posts: 1,412

Re: InstaForex Analysis

Forecast for GBP/USD on September 19, 2023

The British pound closed Monday at the same level as Friday's closing level. The Marlin oscillator rose, reinforcing the double convergence with the price. We can see that the signal line of the oscillator is converging into a wedge, and an upward exit (most likely) from it will fuel the price growth.

https://forex-images.ifxdb.com/userfiles/20230919/analytics650907b24b04c.jpg

The nearest bullish target is 1.2547, followed by 1.2617. The third target is 1.2684. The MACD indicator line is approaching this level.

https://forex-images.ifxdb.com/userfiles/20230919/analytics6509079b47692.jpg

On the 4-hour chart, we see a build up in the convergence. A break above 1.2444 will also correspond to Marlin's move into the bullish territory. Such a pattern will support the pound. We await the results of tomorrow's Federal Reserve meeting.

Analysis are provided by InstaForex.

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  • Registered: 2012-11-06
  • Posts: 1,412

Re: InstaForex Analysis

Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Wednesday, September 20 2023

https://forex-images.ifxdb.com/userfiles/20230920/analytics650a5c3bd8dea_source!.jpg

From the 4-hour chart of The Lonnie, it can be clearly seen that Sellers are very dominant, this can be seen from the price movement which moves regularly and harmoniously in the Pitchfork channel which dips downwards and the price movement is below the WMA (20) with a downward sloping slope as well as the CCI indicator has succeeded breaking below the three main levels (100, 0, & -100), but currently it appears that USD/CAD is being corrected upwards to test the SBR (support Become Resistance) level at the level 1.3494. As long as this upward correction does not breaks and close above the level 1.3550, then USD/CAD has the potential to continue its decline back to level 1.3422 as the main target and level 1.3380 as the second target if momentum and volatility support it.

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  • Registered: 2012-11-06
  • Posts: 1,412

Re: InstaForex Analysis

Forex Analysis & Reviews: Forecast for GBP/USD on September 21, 2023

GBP/USD
This morning, the British pound reached the target support level of 1.2307. It took 5 days for it to move from the previous level of 1.2444. During this time, the Marlin oscillator's signal line has compressed even further into a wedge and is ready to break out of it today. If it breaks below, the first target will be the embedded price channel line at 1.2200. Then the second target will be 1.2070, which is nearly in line with the May 2020 low.

https://forex-images.ifxdb.com/userfiles/20230921/analytics650baf38c4999_source!.jpg

Today, the Bank of England may raise the rate from 5.25% to 5.50% (market expectations), so Marlin could break above the wedge. If we witness a solid momentum and the price consolidates above 1.2444, it will continue to rise to the next target at 1.2547. This would mark a return to the bullish scenario towards the MACD line at 1.2684.

https://forex-images.ifxdb.com/userfiles/20230921/analytics650baf2d0ea7a_source!.jpg

Analysis are provided by InstaForex.

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