empty
10.05.2021 11:48 AM
GBP/USD Hot Forecast for 10, May

This image is no longer relevant

Broad-based US dollar weakness has helped to lift the cable back above the 1.4000 level with the pair moving back towards the end of February high at 1.4237. The pound has also received a modest boost following the news that the SNP fell just short of winning a majority in Scottish parliamentary elections. In the view of economists at MUFG Bank, independence risks are too far in future to have lasting impact on the sterling.

Major resistance above the psychological level is between 1.4000 and 1.4009, which has rejected upward moves earlier this year. Price appears to be testing that limit into the weekend. On the other hand, the Relative Strength Index is nearing the 70 level, indicating overbought conditions.

The next level to watch on the upside is 1.4080, which provided support in late February. It is followed by 1.4140, a battle line, and then by 1.4180, a swing high before the cable began its move down. The 2021 peak of 1.4240 is next. Support is at 1.4010, the broken triple top, followed by 1.3980, 1.3930 and 1.3860.

Jan Novotny,
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

Forecast for GBP/USD on March 31, 2025

On the hourly chart, the GBP/USD pair traded sideways on Friday, but two rebounds from the 1.2931 level allow for some potential growth toward the 127.2% Fibonacci corrective level

Samir Klishi 12:28 2025-03-31 UTC+2

EUR/USD. March 31st. The Dollar Has No Chance

On Friday, the EUR/USD pair consolidated above the 1.0781–1.0797 zone, allowing the upward movement to continue toward the 200.0% Fibonacci level at 1.0857. A rebound from this level would favor

Samir Klishi 11:58 2025-03-31 UTC+2

Forex forecast 31/03/2025: EUR/USD, GBP/USD, Gold, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:50 2025-03-31 UTC+2

EUR/USD and GBP/USD March 31 – Technical Analysis

During the week, bearish players attempted to confirm the earlier-formed pullback and continue the decline but were unsuccessful, resulting in a long lower shadow on the weekly candlestick. The pair

Evangelos Poulakis 09:07 2025-03-31 UTC+2

EUR/USD Forecast for March 31, 2025

Market participants have again been gripped by fear due to Washington's intention to expand tariff duties by 20% on virtually all U.S. trading partners. On Friday, the S&P 500 stock

Laurie Bailey 05:20 2025-03-31 UTC+2

GBP/USD Forecast for March 31, 2025

On the daily chart, the price is moving within an ascending channel. If optimism continues, the target level of 1.3184 could be broken. The Marlin oscillator is neutral

Laurie Bailey 05:13 2025-03-31 UTC+2

USD/JPY Forecast for March 31, 2025

Following Friday's 1.97% drop in the S&P 500 index, the USD/JPY pair fell by 120 pips. This morning, the Japanese Nikkei 225 index is down 3.85%, and USD/JPY is losing

Laurie Bailey 05:13 2025-03-31 UTC+2

Oil Forecast for March 31, 2025

Crude Oil (CL) held above the descending green price channel line for only two days. After dropping 84 cents by Friday, the quote fell below this channel line

Laurie Bailey 05:13 2025-03-31 UTC+2

Forex forecast 28/03/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 23:24 2025-03-28 UTC+2

Trading Signals for GOLD (XAU/USD) for March 28-31, 2025: sell below $3,078 (technical correction - 21 SMA)

Important support is located around the 21 SMA at 3,035. This level coincides with the bottom of the uptrend channel, which could suggest a technical rebound in the coming days

Dimitrios Zappas 14:12 2025-03-28 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.