empty
29.09.2022 02:05 PM
GBP/USD Technical Analysis and Trading Tips for September 29, 2022

This image is no longer relevant

By buying bonds, the Bank of England has effectively suspended its planned quantitative tightening (QT) program. Given that the Fed intends to continue its super-tight monetary policy cycle, which will further strengthen the dollar, we should expect a resumption of decline in GBP/USD. At the same time, new bursts of volatility in the GBP/USD pair are not ruled out since the BoE intends to carry out large-scale purchases of government bonds daily until October 14 during the period announced (from 13:15 to 14:45 GMT).

This image is no longer relevant

As of writing, GBP/USD is trading near the level of 1.0863, remaining in the zone of both the short-term—below the resistance levels 1.0998 (200 EMA on the 1-hour chart), 1.1438 (200 EMA on the 4-hour chart), and the long-term—below the resistance levels 1.2165 (144 EMA on the daily chart), 1.2380 (200 EMA on the daily chart) of the bear market.

This image is no longer relevant

The breakdown of today's local support level 1.0764 will be a signal to open new short positions.

Alternatively, a breakdown of the resistance level 1.0998 may provoke a further corrective growth of the GBP/USD, up to the resistance levels 1.1438 (200 EMA on the 4-hour chart), 1.1585 (50 EMA on the daily chart). Further growth looks unlikely so far, while the US dollar is at the highs of the last 20 years. In general, the downward dynamics of the GBP/USD remains, despite the current upward correction.

Thus, for now, short positions remain preferable.

Support levels: 1.0764, 1.0700, 1.0600, 1.0500, 1.0400, 1.0353

Resistance levels: 1.0998, 1.1438, 1.1585, 1.1700, 1.2165, 1.2380

Trading Tips

Sell Stop 1.0760, Sell Limit 1.0995. Stop-Loss 1.1020. Take-Profit 1.0700, 1.0600, 1.0500, 1.0400, 1.0353

Buy Stop 1.1020. Stop-Loss 1.0760. Take-Profit 1.1100, 1.1200, 1.1300, 1.1400, 1.1430, 1.1500, 1.1585

Jurij Tolin,
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

How to Trade the GBP/USD Pair on June 3? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded higher throughout Monday. However, the overall technical picture of the British pound differs slightly from that

Paolo Greco 06:27 2025-06-03 UTC+2

How to Trade the EUR/USD Pair on June 3? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded higher on Monday. We had warned that the dollar would likely decline again after Trump announced increased

Paolo Greco 06:27 2025-06-03 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 3: Trump and ISM Hammer the Dollar

The EUR/USD currency pair showed fairly strong upward movement on Monday. Just as expected, the U.S. dollar started falling right from the market's opening on Monday night. What else could

Paolo Greco 03:57 2025-06-03 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 3: The Pound Seized Another

As we had warned, the GBP/USD currency pair also traded strongly on Monday. The U.S. dollar got off lightly, as the fall could have been much sharper. Traders witnessed

Paolo Greco 03:57 2025-06-03 UTC+2

GBP/USD: Trading Plan for the U.S. Session on June 2nd (Review of Morning Trades)

In my morning forecast, I focused on the 1.3555 level and planned to base market entry decisions around it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:50 2025-06-02 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 2nd (Review of Morning Trades)

In my morning forecast, I focused on the 1.1416 level and planned to base market entry decisions around it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:47 2025-06-02 UTC+2

How to Trade the GBP/USD Pair on June 2? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded quite calmly throughout Friday. There were no important news or events that day, so the volatility

Paolo Greco 06:08 2025-06-02 UTC+2

How to Trade the EUR/USD Pair on June 2? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded more calmly on Friday than on Thursday. This is not surprising, as the macroeconomic background was weak

Paolo Greco 06:08 2025-06-02 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 2: The Pound Was Just Preparing for a Correction

On Friday, the GBP/USD currency pair tried again to resume its mild downward movement, as the price had previously exited the ascending channel. Thus, from a technical point of view

Paolo Greco 03:55 2025-06-02 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 2: A New Storm is Near...

The EUR/USD currency pair traded very calmly on Friday, with no news of market-moving scale. In recent months, traders have paid little attention to routine macroeconomic data. Almost every week

Paolo Greco 03:55 2025-06-02 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.