Pound Sterling May Fall
2022.04.06 10:45
It is visible on the hourly timeframe that the GBP/USD pair has not been able to determine the direction of movement for several weeks and has been in a limited range all this time. The upward momentum ended very quickly near the level of 1.3175, and the bulls failed to at least return to this level.
As a result, in the coming hours, the pair may be near the level of 1.3060, from which it bounced a couple of weeks ago. This time, the price could probably overcome this level, and the pound would fall. Following are the important levels: 1.3000, 1.3060, 1.3119, 1.3175, 1.3222.
The Senkou Span B (1.3174) and Kijun-sen (1.3133) lines can also be signal sources. Signals can be “bounces” and “breakthroughs” of these levels and lines. Setting the Stop Loss level to breakeven when the price passes in the right direction by 20 points is recommended.
The lines of the Ichimoku indicator can move during the day, which should be taken into account when determining trading signals. There are also support and resistance levels on the chart that can be used to take profits on transactions.
Only the construction PMI is scheduled for Wednesday in the UK, and the Federal Reserve minutes are scheduled for late in the evening in the US. The first or the second event is unlikely to provoke at least some reaction during the day. And by the time the minutes are published in the evening, traders are advised to leave the market already.
GBP/USD 4-hour chart technical analysis.
