. GBP/USD Analysis Report With Charting Trends - 04 September 2023

GBP/USD Analysis Report With Charting Trends – 04 September 2023

GBP/USD Analysis Report With Charting Trends – 04 September 2023

04 Sep 2023

GBP/USD forecast: Above 1.2600, GBP/USD trades with a slight upward bias.


In the European trading hours, the GBP/USD is moving up toward 1.2650 despite a muted demand for the USD. One major reason for weakening the USD is the uncertainty around the Fed’s rate-hike trajectory. Aggressive bullish traders should exercise some caution due to the lack of any significant purchasing.


Before staging a technical retreat toward 1.2700 early on Thursday, the GBP/USD exchange rate rose to a weekly high of 1.2747 on Wednesday. The technical picture for the pair indicates a bullish tilt as traders wait for important US data releases.

On Wednesday, the US Dollar’s weakening across the board helped GBP/USD to extend its weekly advance.

The cautious market position early on Thursday helped the USD recoup some of its weekly losses and pushed the GBP/USD pair lower.

German Buba president Nagel Speaks today.



Exponential Moving Average

  • EMA 5: The 5-day EMA stands at 1.2633, suggesting a Sell sentiment.
  • EMA 20: The 20-day EMA displays 1.2651, reinforcing a Sell indication.
  • EMA 50: With a value of 1.2684, the 50-day EMA aligns with a Sell recommendation.

Simple Moving Average

  • SMA 5: The 5-day SMA shows 1.2634, indicating a Sell sentiment.
  • SMA 20: The 20-day SMA records 1.2634, supporting a Sell stance.
  • SMA 50: The 50-day SMA stands at 1.2679, signifying a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, displays a reading of 46.15, suggesting a positive signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Negative condition.

Resistance And Support Levels

  • Resistance: The resistance level is identified at 1.2654
  • Support: The support level is observed at 1.2589

Summary And Trade Suggestions

Based on the technical analysis, GBP/USD presents a Sell outlook. Traders may consider entering a short position, considering the indicators, moving averages, and oscillators.

Trade Suggestion:

  • Entry Point: 1.2561
  • Take Profit: 1.2482
  • Stop Loss: 1.2623