empty
21.12.2023 04:22 PM
Trading Signals for GBP/USD for December 21-22, 2023: buy above 1.2655 or sell at 1.2695 (8/8 Murray - 200 EMA)

This image is no longer relevant

Early in the American session, the British pound (GBP/USD) is trading around 1.2667, above the 200 EMA, and above the 21 SMA. We can see that the pound is bouncing above 1.26. GBP/USD is likely to continue its climb in the coming hours. The price could reach 8/8 Murray at 1.2695 and even the top of the downtrend channel around 1.2740.

The British pound is expected to continue rising in the coming hours but should face the top of the downtrend channel formed since December 19 on the H1 chart. If the pound fails to break this zone which coincides with 8/8 Murray (1.2695), it could be seen as an opportunity to sell with the target at 1.26.

On the other hand, a drop below 1.2654 (200 EMA) could favor a bearish movement. Hence, a drop below 7/8 Murray could take the pound to the psychological level of 1.25 and the instrument could even reach 6/8 Murray at 1.2451.

The market sentiment report shows that 52.10% of traders are buying the British pound. According to our contrarian strategy, this could be a negative signal for the pound. Therefore, any move near the resistance level of 1.2700 or towards 1.2750 could be seen as an opportunity to sell with the target at 1.25.

The eagle indicator is giving a neutral signal, so we could expect the British pound to trade within a range between 1.2695 and 1.2573 in the coming days.

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

NZD/USD. Analysis, Forecast, and Current Market Situation

The NZD/USD pair is currently trading above the psychological level of 0.6000; however, it remains vulnerable to further downside amid broad-based U.S. dollar strength. The U.S. Dollar Index is supported

Irina Yanina 12:00 2025-07-09 UTC+2

Forecast for EUR/USD on July 9, 2025

On Tuesday, the EUR/USD pair continued to decline, completely ignoring the 127.2% correction level at 1.1712. This level is currently not suitable for identifying trading signals. The euro's decline should

Samir Klishi 11:20 2025-07-09 UTC+2

Forecast for GBP/USD on July 9, 2025

On the hourly chart, the GBP/USD pair fell on Tuesday to the 127.2% Fibonacci level at 1.3527, rebounded from it, and turned in favor of the pound. This may signal

Samir Klishi 11:05 2025-07-09 UTC+2

Can 0.7939 withstand the temporary correction of the USD/CHF currency pair, Wednesday, July 9, 2025?

USD/CHF – Wednesday, July 9, 2025. Due to the USD's safe-haven support and global trade risks, although the CHF is quite strong, these conditions still have the potential to cause

Arief Makmur 07:12 2025-07-09 UTC+2

Sellers continue to dominate the NZD/USD commodity currency pair, Wednesday, July 9, 2025.

NZD/USD, Wednesday, July 9, 2025. Global risk sentiment regarding commodity currencies and New Zealand's cautious monetary outlook are putting pressure on the Kiwi's potential today. Key Levels 1. Resistance

Arief Makmur 07:12 2025-07-09 UTC+2

EUR/USD Forecast for July 9, 2025

On Tuesday, the euro attempted a downward move but failed to reach support at the MACD line, stopping at the target level of 1.1692. The day closed with a white

Laurie Bailey 06:58 2025-07-09 UTC+2

GBP/USD Forecast for July 9, 2025

Yesterday, the British pound tested the area around the daily balance line. This move revealed the weakness of support levels on the path toward the target level of 1.3414, which

Laurie Bailey 06:30 2025-07-09 UTC+2

USD/JPY Forecast for July 9, 2025

USD/JPYThe USD/JPY pair appears to be completing the formation of a triangle. There are several possible scenarios. According to the main scenario, the pair is likely to test the upper

Laurie Bailey 06:25 2025-07-09 UTC+2

Trading Signals for EUR/USD for July 8-12, 2025: buy above 1.1650 (21 SMA - 8/8 Murray)

The eagle indicator has reached oversold levels, so we believe the euro could recover above 1.1680 in the coming hours and then reach 1.1718, where the 8/8 Murray is located

Dimitrios Zappas 18:58 2025-07-08 UTC+2

Trading Signals for GOLD (XAU/USD) for July 8-12, 2025: buy above $3,285 (21 SMA - 4/8 Murray)

If a break below 3,281 occurs, we could expect a bearish acceleration, and gold could reach the 3/8 Murray level at 3,242 and ultimately reach the bottom of the main

Dimitrios Zappas 18:56 2025-07-08 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.