empty
17.03.2023 03:51 PM
Trading Signal for GBP/USD for March 17 - 20, 2023: sell below 1.2147 (200 EMA - exhaustion)

This image is no longer relevant

Early in the American session, the British pound (GBP/USD) is trading around 1.2131 and inside a downtrend channel formed since March 10. The latest Japanese candle shows that a trend change could occur in the next few hours if the pair trades below 1.2147 which represents a strong top.

In case GBP/USD falls below the 21 SMA located at 1.2116, we could expect a bearish acceleration and the pair could find support at 1.2085 and at the 200 EMA located at 1.2068.

The pound tried to break the strong resistance at 1.2207 (4/8 Murray) and failed. Since then, it has made a technical correction and is now showing signs of exhaustion.

The markets believe that there is a 90% probability that the Fed will raise the interest rate by 0.25% at the monetary policy meeting next week. Therefore, risk aversion should continue to support the dollar. Therefore, we could expect a fall in the British pound in the coming days.

Therefore, in case the British pound approaches the 1.2147 zone and fails to break it, it will be seen as a signal to sell with targets at 1.2068. The eagle indicator is in the overbought zone, so any technical bounce could be seen as an opportunity to sell below 4/8 Murray (1.2207).

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for GOLD (XAU/USD) for May 20-22, 2025: sell below $3,281 (20 EMA - 6/8 Murray)

In case the price drops below 3,281, the instrument is expected to fill the gap at 3,201, or conversely, a consolidation above 3,290 is expected to fill

Dimitrios Zappas 18:58 2025-05-20 UTC+2

Trading Signals for EUR/USD for May 20-22, 2025: sell below 1.1270 (200 EMA - 21 SMA)

The euro has left a gap around 1.1170. If EUR/USD falls below the 6/8 Murray level located at 1.1230, the bearish pressure could accelerate, with the price potentially covering this

Dimitrios Zappas 18:56 2025-05-20 UTC+2

Forecast for EUR/USD on May 20, 2025

On Monday, the EUR/USD pair reversed in favor of the euro and returned for the third time to the resistance zone of 1.1265–1.1282. A new rebound from this zone

Samir Klishi 11:29 2025-05-20 UTC+2

Forecast for GBP/USD on May 20, 2025

On the hourly chart, the GBP/USD pair on Monday reversed in favor of the British pound and consolidated above the resistance zone of 1.3344–1.3357, which had previously posed serious difficulties

Samir Klishi 11:22 2025-05-20 UTC+2

Forex forecast 20/05/2025: EUR/USD, AUD/USD, USD/JPY, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:25 2025-05-20 UTC+2

Technical Analysis of Intraday Price Movement of USD/CAD Commodity Currency Pairs, Tuesday May 20, 2025.

If we look at the 4-hour chart of the USD/CAD commodity currency pair, it appears that there is a Divergence between its price movement and the Stochastic Oscillator indicator

Arief Makmur 08:19 2025-05-20 UTC+2

Technical Analysis of Daily Price Movement Platinum Commodity Instrument, Tuesday May 20, 2025.

With the appearance of Convergence between the price movement of the Platinum commodity instrument with the Stochastic Oscillator indicator and supported by its price movement moving above the WMA (210)

Arief Makmur 08:19 2025-05-20 UTC+2

EUR/USD Forecast for May 20, 2025

Following Moody's downgrade of the U.S. credit rating from AAA to Aa1 on Friday, yesterday saw downgrades of major U.S. banks as well—Bank of America, JPMorgan, and Wells Fargo—from

Laurie Bailey 05:08 2025-05-20 UTC+2

GBP/USD Forecast for May 20, 2025

The British pound closed Monday with an 81-pip gain. The price consolidated above the 1.3311 resistance level and is now heading toward 1.3433. A breakout above this level opens

Laurie Bailey 05:08 2025-05-20 UTC+2

EUR/CAD Forecast for May 20, 2025

With a strong upward move yesterday, the EUR/CAD pair broke above both indicator lines (balance and MACD ) and the 200% Fibonacci reaction level. Today's session also opened above these

Laurie Bailey 05:08 2025-05-20 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

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 InstaFintech Group 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?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

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.