empty
 
 
en
Support
Instant account opening
Trading Platform
Deposit/Withdraw

30.04.202115:53 Forex Analysis & Reviews: April 30, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 30.04.2021 analysis

Recently, short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3900-1.3850 which corresponded to (61.8%-50%) Fibonacci zone.

However, the pair has recently failed to drop below the price level of 1.3670.

Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.

Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600. Hence, Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.

However, the GBPUSD pair was contained above the demand level of (1.3660) and below the key-level around 1.3900 before a temporary bullish spike could reach the price level of 1.4000 earlier last week.

This failed bullish spike above 1.3900 has re-tested the backside of the depicted broken channel which applied significant bearish pressure on the pair.

Yesterday, temporary signs of bullish breakout above 1.3950 were witnessed. However, this turned out to be a bullish trap once the EURUSD pair returned below 1.3950 again.

Currently, bearish persistence below 1.3880 will be needed to allow more bearish decline. Initial bearish target would be located at 1.3700, 1.3660 and 1.3550.

Otherwise, the GBPUSD remains trapped between the depicted two price levels ( 1.3880 and 1.3950 ) until breakout occurs in either directions.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

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