Thread: GBP/USD Analysis

Yesterday, the GBP/USD traded higher and closed the day in positive territory around the price of 1.2200. Today, on the contrary, the pair fell a little, dropping to the level of 1.2185. On the hourly chart, GBP/USD tests the resistance strength at the moving average lines MA (200) and H1 (1.2150). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading, and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.

Resistance levels are at: 1.2225–30, 1.2285–1.2330–35.
Support levels are at 1.2155, 1.2090–95, and 1.2070.

The main scenario is a continued decline to 1.2155 (Nov. 2 low).

The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2285 (Oct 24 high).

Analytical skills are a crucial factor that greatly influences our success in forex. That's why I constantly work on improving my analytical skills regularly so that I can continue to develop and analyze the market accurately alongside Tickmill as my broker.

Beginners shouldn’t shift to live trading as long as they are not in profit in demo account. But profit based on wild guesses will not be acceptable. FXOpulence provides a free demo account and multiple types of trading accounts.

Newcomers entering the forex market should indeed utilize demo accounts. With a demo account, one can gain a solid understanding and preparation for better trading experiences on a real account with Tickmill as their broker.