empty
13.09.2023 11:06 PM
Technical analysis on GBP/USD for September 13, 2023

This image is no longer relevant

Overview :

The GBP/USD pair will continue rising from the level of 1.2377 today. So, the support is found at the level of 1.2377, which represents the 23.6% Fibonacci retracement level in the H1 time frame. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.2377.

The current price is set at the level of 1.2423 that acts as a daily pivot point seen at 1.2434. Equally important, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.2495 and 1.2377.

This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Therefore, strong support will be formed at the level of 1.2377 providing a clear signal to buy with the target seen at 1.2460.

If the trend breaks the resistance at 1.2460 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.2495 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.2495 and 1.2500.

The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2326 (below the support 2).

Remember:

- Sell: If the last range was medium, your profit will probably reach S1, double bottom and S2.

- Buy: If the last range was medium, your profit will probably reach R1, double top and R2. So, we expect new range will be around 200 - 399 pips next week.

Because the the previous range was less than 200 pips. Thus, probably, the trend will hit the weekly pivot point, support 1 and/or support 2, or resistance 1 and/or resistance 2. Because the support 3 and resistance 3 are located far than open price today.

Summary
Urgency
Analytic
Mourad El Keddani
Start trade
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

USD/JPY. Analysis and Forecast

Today, the USD/JPY pair has shown some resilience below the 100-hour Simple Moving Average (SMA) From a technical perspective, the USD/JPY pair demonstrated some stability today below the 100-hour

Irina Yanina 19:25 2025-07-17 UTC+2

GBP/USD. Indicator Analysis on July 17th

On Wednesday, the pair moved upward (on news), reaching the 8-period EMA at 1.3489 (thin blue line), then declined and closed the daily candle at 1.3417. Today, it may continue

Stefan Doll 12:12 2025-07-17 UTC+2

Forex forecast 17/07/2025: EUR/USD, GBP/USD, USD/JPY, SP500 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 12:08 2025-07-17 UTC+2

EUR/USD. Indicator Analysis on July 17th

On Wednesday, the pair moved upward (on news), reaching the 23.6% level at 1.1739 (yellow dashed line), and then declined, closing the daily candle at 1.1639. Today, it may continue

Stefan Doll 11:45 2025-07-17 UTC+2

EUR/USD. July 17th. Trump Wants to Fire Powell Again

On Wednesday, the EUR/USD pair reached the 100.0% corrective level at 1.1574, rebounded from it, and rose to the 127.2% Fibonacci level at 1.1712, from which it also bounced

Samir Klishi 11:23 2025-07-17 UTC+2

GBP/USD. July 17th. Unemployment in the UK Continues to Rise

On the hourly chart, the GBP/USD pair rebounded on Wednesday from the support zone of 1.3357–1.3371 and rose to the 76.4% corrective level at 1.3470. A rebound from 1.3470

Samir Klishi 11:15 2025-07-17 UTC+2

AUD/USD. The US Dollar Is Increasing Its Pressure

The strong likelihood that the Federal Reserve will not be able to resume cutting interest rates this year is providing significant support for the U.S. dollar. The dollar index

Pati Gani 10:13 2025-07-17 UTC+2

The DXY has the potential to test its pivot level, but there is potential for further strengthening on Thursday, July 17, 2025.

US Dollar Index – Thursday, July 17, 2025 If the pivot and support levels are able to withstand the #USDX's weakening correction in the near term, the #USDX

Arief Makmur 08:47 2025-07-17 UTC+2

The Nasdaq 100 Index has the potential to weaken and fall to its nearest support level on Thursday, July 17, 2025.

Nasdaq 100 Index - Thursday, July 17, 2025 The #NDX price movement is below the EMA(20) and EMA(50), supported by the RSI(14) at a neutral bearish level. Therefore, the #NDX

Arief Makmur 08:47 2025-07-17 UTC+2

Expectations of a Stock Market Decline Through the Lens of the EUR/JPY Cross Rate

Historically, investor flight from the stock market has inevitably been reflected in a decline of the EUR/JPY pair, as it sums up the exit from risk currencies (such

Laurie Bailey 07:41 2025-07-17 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.