The GBP/USD Pair Is Trading Above The Support Level

The Price Of Cable Market (GBP/USD) Is Able To Reach The First Target Level
Exchange Rates 09.09.2022 analysis

The GBP/USD pair rose to an intra-week high of 1.1647, mainly taking advantage of the weakening dollar.

As of this writing, the GBP/USD pair is trading near 1.1618, retreating from today's high of 1.1647. Taking into account the general downward trend of the pair, the breakdown of the important short-term support level 1.1578 (200 EMA on the 1-hour chart) may become a signal for the resumption of short positions.

Exchange Rates 09.09.2022 analysis

Thus, the current growth of GBP/USD may become a new opportunity for building up short positions.

At the same time, GBP/USD is trading above the support level of 1.1578. In the alternative scenario, the probability of growth to the resistance levels of 1.1820 (200 EMA on the 4-hour chart), 1.1910 (50 EMA on the daily chart) cannot be dismissed. If dollar buyers fail to quickly take control of the situation and overcome the dollar weakening impulse that is dangerous for them, then a breakdown of the local resistance level of 1.1650 may provoke further growth of the GBP/USD, as we noted above, towards resistance levels of 1.1820, 1.1910.

Exchange Rates 09.09.2022 analysis

But for now, short positions remain preferable. Below the key resistance levels 1.2390 (144 EMA on the daily chart), 1.2570 (200 EMA on the daily chart), GBP/USD remains in the long-term bearish market zone.

Support levels: 1.1600, 1.1578, 1.1500, 1.1410

Resistance levels: 1.1650, 1.1700, 1.1760, 1.1820, 1.1910, 1.2000, 1.2270, 1.2390, 1.2570

Trading Tips

Sell Stop 1.1560. Stop-Loss 1.1660. Take-Profit 1.1500, 1.1410

Buy Stop 1.1660. Stop-Loss 1.1560. Take-Profit 1.1700, 1.1760, 1.1820, 1.1910, 1.2000, 1.2270, 1.2390, 1.2570

 

Relevance up to 12:00 2022-09-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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The Price Of Cable Market (GBP/USD) Is Able To Reach The First Target Level

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