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Technical Analysis of the GBP/USD Currency Pair – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.097
• Second Key support level of EUR/USD: 1.084
• Third Key support level of EUR/USD: 1.075
• First key resistance level of EUR/USD: 1.103467
• Second Key resistance level of EUR/USD: 1.109718
• Third Key resistance level of EUR/USD: 1.118407

• First key support level of USD/CHF: 0.893105
• Second Key support level of USD/CHF: 0.885
• Third Key support level of USD/CHF: 0.876
• First key resistance level of USD/CHF: 0.900522
• Second Key resistance level of USD/CHF: 0.907075
• Third Key resistance level of USD/CHF: 0.911652

• First key support level of GBP/USD: 1.244921
• Second Key support level of GBP/USD: 1.23496
• Third Key support level of GBP/USD: 1.228
• First key resistance level of GBP/USD: 1.252966
• Second Key resistance level of GBP/USD: 1.26
• Third Key resistance level of GBP/USD: 1.277007

• First key support level of USD/JPY: 132.746667
• Second Key support level of USD/JPY: 130.62
• Third Key support level of USD/JPY: 129.7
• First key resistance level of USD/JPY: 133.76764
• Second Key resistance level of USD/JPY: 135
• Third Key resistance level of USD/JPY: 136.19

 

Technical Analysis of the GBP/USD Currency Pair on 12/04/2023

 

After the price floor of 1.03289 as the lowest price floor during the last 20 years, the GBP/USD currency pair has been increasing and rising until now, and during this upward trend, buyers have succeeded in obtaining the highest price level of 1.25252. In long-term intervals such as monthly and weekly, according to the type of price movements formed, there is no clear and transparent reason for price reduction and downward trend, and the potential for further growth during the next candlesticks in the monthly interval is still possible.

Since the end of last year, the price has fluctuated in a range from the price ceiling of 1.24415 to the price floor of 1.18479, which is now approaching the ceiling of this price range again. Therefore, breaking and crossing this range band is considered a signal for further price rise.

If the upward trend continues and the entry of new buyers, the price will have the potential to rise more, and in this regard, the first target of the buyers will be the resistance level of 1.2525, followed by 1.26 and 1.276. In the opposite scenario, the situation is unclear for the sellers in the current situation. Therefore, the first warning for the correction process and the price drop is issued with the formation of a price ceiling in four hours and the breaking of the upward price channel.

 

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