MG Network

our website isOn Vacation

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network


Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 ©

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.



Expert In



Trading Signal for GBP/USD for October 06 - 07, 2021: sell below 1,3579 (SMA 21)


In the New York trade, the British pound is retreating below the top of the bearish channel formed in the 4-hour chart. This channel represents a strong barrier for the pair. Yesterday, it tried to break when it reached 1.3647, but the pair has not been able to achieve it. Now GBP/USD is retreating and the decline is likely to continue to 2/8 of murray located at 1.3427.

At this time of writing the analysis, the pair is trading just above the SMA of 21, located at 1.3573. If in the next few hours the price consolidates below this level, there is the probability of a downward movement to 1.3490 where is the bottom of the bullish channel that was formed after it consolidated at 2/8 of murray.

The break of the secondary uptrend channel could accelerate the decline of the GBP / USD pair towards the key support level of 2/8 of murray at 1.3427. The pair is expected to trade below 1.3575, so we can sell with targets at 1.3480. If a technical bounce occurs at the bottom of the bullish channel, there will be an opportunity to buy.

On the other hand, if there is a pullback back to the top of the main bearish channel around 1.3620, or if in the next few hours the British pound consolidates above 1.3585, then we must wait for it to test the bearish line again. If a break does not occur, it will be an opportunity to sell with targets at 1.3575 and 1.3480.

The short-term outlook is bearish for GBP. The currency pair may continue with its main downward movement because the 200 EMA is located at 1.3696. The level acts as a strong top exerting downward pressure. As long as the price remains below this level, every attempt to recover will be an opportunity to sell.

Support and Resistance Levels for October 06 - 07, 2021

Resistance (3) 1.3652

Resistance (2) 1.3618

Resistance (1) 1.3589


Support (1) 1.3549

Support (2) 1.3525

Support (3) 1.3480


Trading tip for GBP/USD for October 06 - 07, 2021

Sell below 1.3579 (SMA 21) with take profit at 1.3527 and 1.3480, stop loss above 1.3618.

The material has been provided by InstaForex Company -