. GBP/USD Technical Analysis: Weekly Chart Overview and Insights

GBP/USD Technical Analysis: Weekly Chart Overview and Insights

GBP/USD Technical Analysis: Weekly Chart Overview and Insights

23 May 2023

GBP/USD TECHNICAL ANALYSIS: WEEKLY CHART 

In the weekly chart, GBP/USD is trading in down channel.

GBP/USD is currently trading above 20&50 SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.

Its immediate support is at 1.24056 & the resistance is at 1.25360

On the weekly chart, the GBP/USD was in a down channel but suddenly, it was attempting to move back up. GBP/USD encountered resistance at a particular level, forming a bearish engulfing, and is currently trading at a level of support; if it breaks, more decline is expected.

GBP/USD TECHNICAL ANALYSIS: DAILY CHART

In the daily chart, GBP/USD is trading in the down channel.

GBP/USD is currently trading below all SMA.

RSI is in the selling zone, which shows bearishness. Stochastic is suggesting a downtrend.

Its immediate support is at 1.23964 & the resistance is at 1.24425

GBP/USD’s daily chart has shown a downward trend reversal. Price has also fallen below its previous day’s low and is currently trading in a support area; if this area of support is broken, further price declines are to be anticipated.

TRADE SUGGESTION: – SELL AT 1.23964, TAKE PROFIT AT 1.23310, SL AT, 1.24425