empty
 
 
12.09.2019 05:42 PM
GBP/USD 09.12.2019 - End of the downward correction and potential new bullish wave

GBP did exactly what I expected yesterday. The price went to test major support at the level of 1.2295 and found aggressive buyers, which is strong side for further upside movement. I still expect further upside and end of the downward correction.

This image is no longer relevant

Green lines – Corrective channel

Purple horizontal lines – Resistance levels and upward targets

GBP is in complex corrective structure in my opinion and there is still chance for more upside. The momentum from September 9 is still active and it just question of the time when the new buyers will join and that upward movement will continue. Resistance levels are seen at 1.2375 and 1.2430. Major short term support level is set at 1.2295. MACD oscillator is not important at this point when GBP is correcting but it is going higher on the hourly time-frame.

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
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback