empty
 
 
22.09.2017 05:54 PM
Daily analysis of GBP/USD for September 22, 2017

This image is no longer relevant

Overview

The GBP/USD pair bounced bullishly after approaching from 23.6% Fibonacci correction level for the third time, to reach the thresholds of the recently recorded top at 1.3618. This hints that the price is going to stop the bearish correction and return to the main bullish trend again, especially as the EMA50 continues to support the price from below. By taking a deeper look at the chart, we find that the recent trades are confined inside the bullish flag pattern that appears on the chart. It means that breaching 1.3595 will provide momentum that will push the price to resume the main bullish trend in the short term. Therefore, these factors encourage traders to suggest the bullish trend on the intraday and short-term basis with its next main target located at 1.3680. Please note that breaching this level will extend the pair's gains to reach 1.3834, while the expected rise will remain valid unless breaking 1.3418 level and holding below it. The expected trading range for today is between 1.3500 support and 1.3680 resistance.

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 $8000 more!
    In March we raffle $8000 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