22.09.202313:44 Forex Analysis & Reviews: Technical analysis on GBPUSD for September 22nd, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red lines - bearish channel

GBPUSD is in a bearish trend. Price is making lower lows and lower highs inside the red downward sloping channel since the top at 1.3140. Price is now trading around 1.2255 with the RSI finally reaching oversold levels. Current market conditions justify a bounce higher. There is no sign of a reversal yet, but bears need to be cautious and avoid getting greedy. A bounce is justified and very possible from current levels. Even a bounce towards the upper channel boundary around 1.25 is possible. So traders need to be cautious.

Back to the list

Open trading account

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