Stay 
Trading Conditions
Products
Tools
On September 21, the GBP/USD pair failed to demonstrate sufficient bullish momentum above 1.3296. Since then, the short-term outlook turned to become bearish under the depicted daily downtrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where another descending high around the depicted downtrend was established.
This initiated the current bearish pullback towards the depicted consolidation-zone of (1.2750-1.2880) where the current sideway movement within the depicted H4 channel was initiated.
Recently, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2880 (the upper limit of the current consolidation range).
Yesterday, a false bearish breakout was demonstrated below 1.2720. Moreover, early signs of bullish recovery are being demonstrated today.
Bullish persistence above 1.2780 (78.6% Fibo level) is mandatory to enhance the bullish side of the market towards 1.2880 and 1.2940 where new trading decisions should be taken upon price action.
On the other hand, the current scenario may pursue a bearish flag continuation pattern provided that bearish breakout below 1.2730 is achieved on lower timeframes quickly.
Projected target for the bearish flag continuation pattern is initially located around 1.2600.
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.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
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 Instant Trading EU Ltd 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?
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.
