FX.co ★ IraniTrader | GBP/USD

GBPUSD 4-Hour Analysis: Let's talk about the GBP/USD currency pair price's current behavioral analysis. By purchasing from the support level of 1.33232 and attempting to update yesterday's high of 1.34032, we may make a profitable trade today. We may fix our losses at 1.32932 in the event that any assumptions are incorrect. We may think about selling from the mirror level of 1.33232 when finishing the transaction with a stop loss. Price fluctuations have evolved to the point where sales should be preferred. In order to establish a position, we need to choose a much better price than the current price of 1.32992. I have an eye on profit at the support level with a price of 1.32812. It seems hopeful at a market price of 1.33762, only 5 points higher than yesterday's. Our stop loss, which will be around 1.34062, will be rather close. The stop-to-profit ratio seems ideal based on this daily trading strategy. The 4-hour chart's RSI indicator reached 81, indicating overbought circumstances. Today, however, the indicator is somewhat lower and may indicate a negative trend. We can begin shopping at any moment, but right now we are selling a pair. After the pullback, buyers could still be interested if the GBP/USD pair stabilizes above 1.33832. The initial barrier in this case is 1.34232, which comes before 1.34532, the 61.8% Fibonacci retracement, and 1.34832 (psychological level). 50% of 1.33832 GBP/USD is immediately supported by the Fibonacci retracement of the last downturn; a 4-hour closing below this level might pave the way for a protracted drop below the 1.33232 static level and the 1.32832 38.2% Fibonacci retracement. We can successfully traverse the market and accomplish our trading objectives with the help of our research and plan.