GBP/USD is near support

GBP/USD is near support

Information is not investment advice

GBP/USD formed a lower high at the start of this month, pressured by the strong resistance in the 1.30 area. The Awesome Oscillator is declining on the D1. The decline below support at 1.28 will confirm a “double top” and lead the price down to 1.2730 (50-week MA) and 1.2700 (200-day MA). There will likely be demand for the pound at these levels limiting the further decline. 

The short-term downtrend creates resistance around 1.2850 and 1.2880 (50- and 100-period MAs on the H4). An increase above the latter is needed to allow GBP/USD retest 1.2950 (resistance line connecting October and November highs). 

GBPUSD.png

Similar

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

USD/CAD may be capable of more

USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.

Popular

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Choose your payment system