empty
 
 
09.05.2023 02:03 PM
Technical analysis on GBPUSD for May 9th, 2023.

This image is no longer relevant

Black lines- wedge pattern

Green line- bearish RSI divergence

GBPUSD recently made a new higher high at 1.2667 but the RSI continues to make lower highs providing a bearish divergence warning. The up trend is weakening according to the RSI. Price is still making higher highs and higher lows inside a wedge pattern. Price is now under pressure and because of the bearish divergence I believe it is more probable to move lower towards the lower wedge pattern boundary around 1.25. At current levels we prefer to be neutral as we believe there is limited upside potential and increased risk of a pull back.

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 $5000 more!
    In November we raffle $5000 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