empty
21.02.2024 04:08 PM
Technical Analysis of GBP/USD for February 21, 2024

GBP/USD: A Tight Rope Walk Above Key Moving Averages

As the GBP/USD pair dances around pivotal moving averages, traders have been closely monitoring the short-term fluctuations that have recently seen the pair break above a crucial supply zone. The technical landscape is now poised on a delicate fulcrum, with potential for either continuation of the uptrend or a sentiment shift to bearish tones.

This image is no longer relevant

Technical Analysis:

The 4-hour chart for the GBP/USD pair presents a tableau of consolidation with flirtations above key moving averages that act as battlegrounds for the bulls and bears. A 'Shooting Star' candlestick formation—often considered a bearish reversal pattern—stands in stark contrast to the 'Bearish Engulfing' pattern that preceded it, suggesting that the path of least resistance could be downward.

Despite this, the momentum remains robust and positive, as the pair successfully breached the short-term supply zone between 1.2613 and 1.2595, crafting a new local zenith at 1.2628. The current stance is above the 100-period EMA at 1.2621, giving the bulls a slight edge as they eye the next target at 1.2691.

The GBP/USD pair finds itself in a state of anticipation, with market participants on the lookout for a decisive breakout. The intraday technical supports at 1.2612, 1.2603, and 1.2595 hold the key to maintaining bullish sentiment; a breach below could tilt the scales. The horizontal trend is indicative of a market awaiting catalysts, and with the pair nestled between the 50 and 100 MA, these levels are closely watched.

This image is no longer relevant

Indicator and Sentiment Insights:

A mixed signal landscape is presented by technical indicators and moving averages, with an almost even split between sell and buy signals. This indecision is mirrored in the sentiment scoreboard, which currently leans slightly bullish at 55% versus 45% bears, although the last three days have seen a sentiment switch to bearish.

Weekly Pivot Points:

  • WR3 - 1.26951
  • WR2 - 1.26671
  • WR1 - 1.26519
  • Weekly Pivot - 1.26391
  • WS1 - 1.26239
  • WS2 - 1.26111

The weekly pivot points provide traders with key levels to watch for potential reversals or continuations.

Trading Insights:

Traders should consider the mixed sentiment and closely balanced technical indicators as signs to employ prudent risk management strategies. The key will be to watch for either a sustained hold above the 1.2625 (100 MA) region for bullish confirmation or a drop below the 1.2595 support for bearish signals.

Scenario for Bulls: Should the bulls maintain control, a push towards the WR1 at 1.26519, followed by an attempt at WR2 at 1.26671, could be on the cards, aligning with the bullish sentiment on the scoreboard.

Scenario for Bears: For bears, a move below the WS2 pivot point at 1.26111 could confirm a change in sentiment, possibly opening the door to a retest of the key short-term support at 1.2517, the swing low from February 5th, 2024.

Conclusion: The GBP/USD pair remains at a technical crossroads, with the potential for either an upward journey or a downward correction. The upcoming trading sessions will be crucial in determining which force prevails, as traders align their positions with the subtle cues from both technical patterns and market sentiment.

Useful Links
Important Notice

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Ramalan untuk EUR/USD pada 9 Mei, 2025

Pada hari Khamis, pasangan EUR/USD melonjak semula daripada tahap pembetulan Fibonacci 76.4% pada 1.1338, berpihak kepada dolar AS, dan jatuh di bawah zon sokongan 1.1240–1.1265. Lantunan dari zon ini dari

Samir Klishi 11:24 2025-05-09 UTC+2

Isyarat Dagangan EUR/USD untuk 8-12 Mei 2025: beli di atas 1.1190 (200 EMA - 6/8 Murray)

Pada awal sesi dagangan Eropah, pasangan EUR/USD didagangkan sekitar paras 1.1224, berada di atas Purata Bergerak Eksponen (EMA) 200, namun masih di bawah tahap 6/8 Murray, dengan kecenderungan penurunan. Kemungkinan

Dimitrios Zappas 06:41 2025-05-09 UTC+2

Ramalan EUR/USD untuk 9 Mei 2025

Data dari Jerman semalam melebihi jangkaan. Pengeluaran perindustrian bagi bulan Mac meningkat sebanyak 3.0%, berbanding unjuran sebanyak 0.9% dan penurunan 1.3% pada Februari. Lebihan dagangan bagi Mac pula berjumlah €21.1

Laurie Bailey 05:55 2025-05-09 UTC+2

Ramalan GBP/USD untuk 9 Mei 2025

Semalam, Bank of England telah mengurangkan kadar faedahnya sebanyak suku mata, dengan hanya tujuh anggota Jawatankuasa mengundi menyokong keputusan itu, bertentangan dengan jangkaan konsensus yang menganggarkan kesemua sembilan anggota akan

Laurie Bailey 05:15 2025-05-09 UTC+2

Ramalan EUR/GBP untuk 9 Mei, 2025

Pada pasangan EUR/GBP dijangka akan membalikkan arah aliran menurunnya dan mula meningkat. Penurunan berbentuk baji sejak 11 April jelas mempunyai struktur pembetulan, dan pergerakan menurun ini telah menunjukkan tanda-tanda awal

Laurie Bailey 05:15 2025-05-09 UTC+2

Ramalan untuk EUR/USD pada 8 Mei 2025

Pada hari Rabu, pasangan EUR/USD dua kali melantun dari zon rintangan 1.1374–1.1383, kembali memihak kepada dolar A.S., dan memulakan penurunan baru ke arah tahap pembetulan 100.0% di 1.1265. Pergerakan

Samir Klishi 10:43 2025-05-08 UTC+2

GBP/USD. 8 Mei. Pedagang Keliru Menjelang Mesyuarat Bank of England

Pada carta satu jam, pasangan GBP/USD pada hari Rabu gagal meneruskan pergerakan menaik. Dalam dagangan semalaman, ia mengukuhkan kedudukan di bawah paras 1.3344–1.3357, kemudian pantas kembali ke zon tersebut

Samir Klishi 10:19 2025-05-08 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Indeks Nasdaq 100, Khamis 08 Mei 2025.

Dengan kemunculan Perbezaan antara pergerakan harga indeks Nasdaq 100 dan penunjuk Pengayun Stochastic serta pergerakan harga yang berada di atas SMA (50) yang sedang menaik, ini memberikan isyarat bahawa dalam

Arief Makmur 09:48 2025-05-08 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Pasangan Mata Wang Utama USD/JPY, Khamis 08 Mei 2025.

Pada carta 4 jam pasangan mata wang utama USD/JPY, walaupun kelihatan sedang mengukuh, perkara ini ditunjukkan oleh pergerakan harga USD/JPY yang berada di atas EMA (21), sekali gus berpotensi membawa

Arief Makmur 09:48 2025-05-08 UTC+2

Ramalan EUR/USD untuk 8 Mei 2025

Seperti yang dijangkakan, Rizab Persekutuan mengekalkan dasar monetarinya tanpa perubahan selepas mesyuarat semalam. Jerome Powell hanya sedikit mengukuhkan jangkaan pasaran mengenai peningkatan inflasi. Pasaran masih menjangkakan pemotongan kadar faedah pertama

Laurie Bailey 05:09 2025-05-08 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.