29.07.202413:39 Forex Analysis & Reviews: Trading Signals for GBP/USD for July 29-31, 2024: buy above 1.2806 (200 EMA - 5/8 Murray)

Relevance up to 07:00 UTC--4

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.

Early in the American session, the British pound is trading around 1.2842, above the 200 EMA, and within the downtrend channel forming since July 17. During the European session, GBP/USD reached a low of 1.2806. This level coincided with the support of 5/8 Murray and the 200 EMA. The instrument found a very strong bottom. From that area, the GBP is bouncing.

If GBP/USD settles above 1.2806 or 1.2817, the outlook could remain positive and the British pound could reach the 21 SMA located at 1.2878 in the next few hours, a level that coincides with the top of the downtrend channel.

Additionally, in case of a sharp breakout of the downtrend channel and if the British pound consolidates above 1.2878, the outlook could change, which would mean a change in trend. Then, GBP/USD could reach 1.2939, even the psychological level of 1.30 and finally, Murray 7/8 at 1.3064.

The eagle indicator is in the oversold zone. Therefore, we believe a technical rebound could occur in the next few hours and we will look for opportunities to buy above 1.2800.

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.