empty
 
 
16.10.2024 07:42 AM
Technical Analysis of Intraday Price Movement of GBP/USD Main Currency Pairs, Wednesday October 16, 2024.

This image is no longer relevant

Although currently on the 4-hour chart the main currency pair GBP/USD is moving in a Sideways condition where this is confirmed by the EMA 21 moving between the candlestick bodies, but with the appearance of the Descending Broadening Wedge pattern and the deviation between the Cable price movement which forms a Lower Low while the Awesome Oscillator indicator actually forms a Lower-High, it gives an indication that in the near future Cable has the potential to appreciate and strengthen upwards where the level of 1.3101 will be tested to be penetrated and close above that level if there is no significant weakening correction that breaks and closes below the level of 1.3021, then GBP/USD will continue to strengthen to the level of 1.3143 as its main target and if the momentum and volatility support it, 1.3235 will be the next target to be aimed for.

(Disclaimer)

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 October 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