empty
28.12.2023 05:14 PM
Trading Signals for GBP/USD for December 28-29, 2023: sell below 1.2799 or buy if rebounds at 1.2740 (overbought - 21 SMA)

This image is no longer relevant

The British pound reached August price levels around 1.2826, testing the top of the bullish channel formed since December 21. GBP/USD failed to break it and we now observe a strong technical correction. Currently, it is trading below the 21 SMA and is likely to continue its bearish cycle until the price reaches the bottom of the uptrend channel around 1.2740.

As the market is showing strong overbought levels, we expect the British pound to continue falling in the coming hours. If GBP/USD breaks the uptrend channel, the price could reach the 200 EMA located at 1.2704 and could even reach the weekly support level of 1.2650.

There is strong bearish pressure on the British pound, so we can sell at current price levels or wait for a technical bounce around 1.2740 to buy with the target at 1.28.

The fall of the GBP/USD pair is imminent for the next hours because the eagle indicator has entered the extremely overbought zone since December 27th. GBP/USD will likely fall and then resume its bullish cycle, but first, we must wait for a technical correction.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Dimitrios Zappas
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

EUR/USD Forecast on November 3, 2025

On Friday, the EUR/USD pair continued its decline after consolidating below the 61.8% Fibonacci level at 1.1594, moving toward the 76.4% corrective level at 1.1517. A rebound from this level

Samir Klishi 11:01 2025-11-03 UTC+2

GBP/USD Forecast onNovember 3, 2025

On the hourly chart, the GBP/USD pair continued its downward movement on Friday, but bears failed to consolidate below the support level of 1.3110–1.3139. Thus, we have already seen

Samir Klishi 10:56 2025-11-03 UTC+2

GBP/USD. Technical Analysis for November 2025

In October, the pair moved downward and tested the 38.2% retracement level – 1.3140 (red dashed line), closing the monthly candle at 1.3151. In November, the price is expected

Stefan Doll 10:25 2025-11-03 UTC+2

EUR/USD. Technical Analysis for November 2025

In October, the pair moved downward and almost tested the 23.6% retracement level – 1.1506 (yellow dashed line), closing the monthly candle at 1.1537. In November, the price is expected

Stefan Doll 10:17 2025-11-03 UTC+2

GBP/USD. Technical Analysis for the Week of November 3–8, 2025

Last week, the pair moved downward and tested the 38.2% retracement level – 1.3141 (red dashed line), closing the weekly candle at 1.3151. In the upcoming week, the price

Stefan Doll 10:11 2025-11-03 UTC+2

EUR/USD. Technical Analysis for the Week of November 3–8, 2025

Last week, the pair moved downward and almost tested the 23.6% retracement level – 1.1506 (red dashed line), then moved upward, closing the weekly candle at 1.1537. In the upcoming

Stefan Doll 10:06 2025-11-03 UTC+2

GBP/USD. Technical Analysis on November 3, 2025

On Friday, the pair moved downward to the 161.8% level – 1.3089 (red dashed line), then turned upward, closing the daily candle at 1.3151. Today it will attempt to start

Stefan Doll 09:29 2025-11-03 UTC+2

EUR/USD. Technical Analysis on November 3, 2025

On Friday, the pair moved downward to the 76.4% level – 1.1515 (blue dashed line), then moved upward, closing the daily candle at 1.1537. Today it will attempt to start

Stefan Doll 09:22 2025-11-03 UTC+2

Forex forecast 03/11/2025: EUR/USD, GBP/USD USD/JPY, USD/CAD, USD/CHF, USD, Gold 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 09:21 2025-11-03 UTC+2

Platinum is likely to weaken toward its nearest support level today. Monday, November 03, 2025.

[Platinum] – [Monday, November 03, 2025] With both of EMAs in a Death Cross configuration and the price movement below both EMAs, despite the RSI remaining in the Neutral-Bullish zone

Arief Makmur 08:01 2025-11-03 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.