GBP/USD Market Analysis and Trading Signals (7 Sept 2023)
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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GBP/USD Analysis:
Currently, the GBP/USD graph indicates a prevalent bearish trend, with its price anchored below a notable declining trend line. This suggests a potential persistence in the bearish trajectory.
There’s an inclination for a bearish response upon reaching the primary resistance, which might initiate a descent towards the primary support.
The main support located at 1.2535 is recognized for its representation as a multi-swing low support. It correlates with both the 78.60% Fibonacci Projection and the 161.80% Fibonacci Extension, denoting a substantial Fibonacci overlap, further accentuating its relevance as a potential support.
An additional support at 1.2504 is distinguished as an overlap support, showcasing historical moments where the price stabilized around this mark.
In terms of potential hurdles, the initial resistance at 1.2579 is described as overlap resistance, and the subsequent resistance at 1.2643 is similarly characterized as overlap resistance. Both could pose challenges to any upward price shifts.
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