empty
26.01.2023 06:24 AM
Trading Signal for GBP/USD for January 26 - 27, 2023: sell below 1.2414 or in case of pullback at 1.2451 (21 SMA - 7/8 Murray)

This image is no longer relevant

Early in the European session, the British pound is trading around 1.2398 showing a slight technical correction after reaching 1.2417 in the Asian session.

Yesterday during the American session, the British pound made a strong technical rebound when it reached the bottom of the uptrend channel formed since January 11.

According to the 4-hour chart, we can see that the British pound has been trading within a downtrend channel formed since January 18. A few hours ago, the GBP/USD pair managed to touch the top of this channel and we could expect a technical correction towards the 21 SMA at 1.2361. The instrument could even reach an area of 1.2310 (bullish channel bottom).

On the other hand, in case the GBP/USD pair consolidates below 1.2361 there is a strong signal that the pound could fall and even break the bullish channel and reach the area of 6/8 Murray located at 1.2207.

Additionally, if bullish strength prevails, we could expect a pullback towards 7/8 Murray located at 1.2450. In case this level acts as a barrier and the pound fails to consolidate above this zone, it will be seen as an opportunity to sell, with targets at 1.2360 (21 SMA) and 1.2207 (6/8 Murray).

In case the pound resumes its bullish cycle, we should expect it to consolidate above 1.2450, then it could reach the psychological level of 1.25 and 8/8 Murray located at 1.2695.

Our trading plan for the next few hours is to sell the pound below the downtrend channel around 1.2414 or to wait for a pullback towards 1.2451, with targets at 1.2361, 1.2300 and 1.2207.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Forecast for EUR/USD on May 22, 2025

On Wednesday, the EUR/USD pair continued to rise and consolidated above the 50.0% Fibonacci retracement level at 1.1320. As a result, the euro may continue appreciating toward the next resistance

Samir Klishi 11:51 2025-05-22 UTC+2

Forecast for GBP/USD on May 22, 2025

On the hourly chart, the GBP/USD pair continued rising on Wednesday, ending the day near the 1.3425 level. Just a couple of weeks ago, there was no sign of another

Samir Klishi 11:45 2025-05-22 UTC+2

Forex forecast 22/05/2025: EUR/USD, GBP/USD, USD/JPY, Gold, Ethereum 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 10:52 2025-05-22 UTC+2

Bitcoin: Reaching New Highs May Stall

Bitcoin's price briefly exceeded the new all-time high of $111,000 but failed to consolidate above it. The token, along with the broader crypto market, continues to receive support from dollar

Pati Gani 09:49 2025-05-22 UTC+2

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 22, 2025.

With the appearance of Divergence between the Nasdaq 100 index price movement which formed a Double Top with the Stochastic Oscillator indicator plus confirmation with its price movement which moved

Arief Makmur 07:01 2025-05-22 UTC+2

Technical Analysis of Intraday Price Movement of USD/CHF Main Currency Pairs, Thursday May 22, 2025

As we can see on the 4-hour chart of USD/CHF main currency pair, some interesting information appears, namely first the appearance of Divergence between the price movement of USD/CHF with

Arief Makmur 07:01 2025-05-22 UTC+2

EUR/USD Forecast for May 22, 2025

On Wednesday, the euro successfully consolidated above the 1.1266 level and the balance indicator line. The next target levels are 1.1420 and 1.1535. The Marlin oscillator is about to enter

Laurie Bailey 05:06 2025-05-22 UTC+2

GBP/USD Forecast for May 22, 2025

Yesterday's inflation data for April in the UK surprised market participants. Core CPI jumped from 3.4% y/y to 3.8% y/y versus an expected 3.6% y/y, while headline CPI reached 3.5%

Laurie Bailey 05:06 2025-05-22 UTC+2

USD/JPY Forecast for May 22, 2025

The USD/JPY pair has been declining for eight consecutive days — a pattern not seen since 2019. However, we recently saw two five-week declines in July 2024 and November–December 2023

Laurie Bailey 05:06 2025-05-22 UTC+2

XAG/USD. Analysis and Forecast

Silver is rising toward the $33.25 level, consolidating near the upper boundary of its familiar range. The emergence of buying on pullbacks, a recent rebound from the 100-day Simple Moving

Irina Yanina 18:43 2025-05-21 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.