The GBP/USD, good technical round number levels
- Thread starter fxstrategist
- Start date
Pound / dollar attempted to decrease yesterday, reaching bottom at 1.2926, but closed higher at 1.2975. The couple adhered to the trendline of support. The signals are neutral, possibly with light bullish signals for testing the key resistance 1.3050, which should be clearly pierced for the sequel to the bullish scenario. Intraday support we have at 1.2930 / 25. A clear breakthrough below this zone may cause further bearings to test for 1.2880.
victoriajensen
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GBP/USD is stuck in a wide range between 1.3050 and 1.2925. So far there is no indication for a breakout, but the target to the downside should the pair fall below 1.2925 is likely 1.2850.
The British pound was down against the US dollar on Friday. By the close of US trading, GBP / USD was trading at 1.2804, losing 1.07%. I believe that support is now at around 1.2776, the low of Friday's trading, and the resistance is likely at 1.3044, Monday's high.
I agree with you, risk remains on the downside.
victoriajensen
Private, 1st Class
- Messages
- 1,117
GBP/USD fell all the way to 1.2775 before it finally bounced off from that support after forming a hammer candlestick on the one-hour time-frame. Currently the pair is retracing and it will likely reach 1.2890 - 1.2900.
Pound / Dollar attempted to rise up yesterday, reaching a peak of 1.2850, but traded down earlier this morning, sliding below 1.2800. Expectations remain downside to testing support 1.2780, which is a good long-range area with narrow loss stops. A clear break below this level can clear the way down to 1.2700 - 1.2670 or lower. The first resistance is at 1.2850, whose breakthrough can take the price to a neutral zone with testing at 1.2900 / 25.
British Pound / US Dollar-GBPUSD As of 30/05/17
*** Intra-Daily Trading Strategy:BUY British Pound / US Dollar
Buy Target: 1.2900
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price.
(NOTE: Adjust Stop Loss Price according to your trading risk.)
Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!!
A white body has formed as prices closed higher than open.
The previous 10 candlestick bars, there are 4 white candles versus 6 black candles with a net of 2 black candles.
The previous 50 candlestick bars, there are 28 white candles versus 22 black candles with a net of 6 white candles.
MACD is BEARISH as the MACD is below the signal line.
The MACD crossed below the signal line 14 day(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has decreased0.46%, and has been fluctuating from a high of 1.305 to a low of 1.278.
The MACD is currently not in an Overbought/Oversold range.
There have been no divergence signals during the last 5 periods.
The Stochastic Oscillator is currently below 20. This is an indication of the security being in an "oversold" condition.No Stochastic Buy or Sell signals generated today. The last signal was a Sell 44 Day(s) Ago.
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal generated when the RSI moves out of an overbought/oversold area. The last signal was a Sell 21 day(s) ago.
Currently the RSI does not show any Failure Swings. The RSI and price of British Pound / US Dollar are not diverging.
Currently, the Momentum Oscillator does not show an overbought or oversold condition.
The Directional Movement Indicators are showing a BUYsignal for British Pound / US Dollar.
The last Directional Movement Indicators (DMI) signal was a BUY 0 day(s) ago.
There were no SAR signals generated today. The last SAR signal was a Sell2 day(s) ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
BELOW its 20 daily moving average
With strong confirmation from the short term-trend and a current Buy signal. The current market condition for British Pound / US Dollar is Bullish
British Pound / US Dollar closed above the lower Bollinger Band by 26.8%. Bollinger Bands are 54.32% narrower than normal. The narrow width of the Bollinger Bands suggests low volatility as compared to British Pound / US Dollar's normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term. The Bollinger Bands have been in this narrow range for 11 day(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range.
*** Intra-Daily Trading Strategy:BUY British Pound / US Dollar
Buy Target: 1.2900
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price.
(NOTE: Adjust Stop Loss Price according to your trading risk.)
Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!!
A white body has formed as prices closed higher than open.
The previous 10 candlestick bars, there are 4 white candles versus 6 black candles with a net of 2 black candles.
The previous 50 candlestick bars, there are 28 white candles versus 22 black candles with a net of 6 white candles.
MACD is BEARISH as the MACD is below the signal line.
The MACD crossed below the signal line 14 day(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has decreased0.46%, and has been fluctuating from a high of 1.305 to a low of 1.278.
The MACD is currently not in an Overbought/Oversold range.
There have been no divergence signals during the last 5 periods.
The Stochastic Oscillator is currently below 20. This is an indication of the security being in an "oversold" condition.No Stochastic Buy or Sell signals generated today. The last signal was a Sell 44 Day(s) Ago.
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal generated when the RSI moves out of an overbought/oversold area. The last signal was a Sell 21 day(s) ago.
Currently the RSI does not show any Failure Swings. The RSI and price of British Pound / US Dollar are not diverging.
Currently, the Momentum Oscillator does not show an overbought or oversold condition.
The Directional Movement Indicators are showing a BUYsignal for British Pound / US Dollar.
The last Directional Movement Indicators (DMI) signal was a BUY 0 day(s) ago.
There were no SAR signals generated today. The last SAR signal was a Sell2 day(s) ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
BELOW its 20 daily moving average
With strong confirmation from the short term-trend and a current Buy signal. The current market condition for British Pound / US Dollar is Bullish
British Pound / US Dollar closed above the lower Bollinger Band by 26.8%. Bollinger Bands are 54.32% narrower than normal. The narrow width of the Bollinger Bands suggests low volatility as compared to British Pound / US Dollar's normal range. Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term. The Bollinger Bands have been in this narrow range for 11 day(s). The probability of a significant price move increases the longer the Bollinger Bands remain in this narrow range.
The British pound recorded a volatile session against the US dollar on Tuesday. The currency pair added only 20 pips at a closing price of 1.2857. Daytime extreme values were reached at 1.2793 and 1.2887 respectively. If the bearish trend of the last few sessions continues, we can expect a first support test at 1.2700.
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