Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 15 April 2019
2019-04-14 09:46 pm | Resource: Technical Analysis | No Views : 290
Time frame Used - four hours
The GBP-USD is moving in a sideway direction in the near term.
GBP/USD was unable to breach 1.3111 the resistance level as the GBP-USD still faces resistance and selling pressure around levels of 1.3070 - 1.3111 where the GBP/USD pair is moving in an trading range between 1.3008 - 1.3111 levels.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Therefore, we expect that the GBP/USD will fall back to 1.3008 - 1.2966 levels once again and this scenario fails in case of stability above level of 1.3070.
The alternative scenario is that the GBP/USD is breaching level of 1.3111 higher to target 1.3196 - 1.3248 levels again.
Looking at the daily chart of the GBP-USD pair, we see that the GBP/USD pair is witness successive selling pressure forming a technical pattern called a descending triangle.
Our view is neutral around the GBP/USD pair.
The fundamental overview
• On the economic data level, traders are following up on the Brexit, , As well as the talk of Haskel member of the British Monetary Policy Committee at 12 pm GMT.
• On the other hand, the New York Manufacturing Index will be released at 12:30 GMT.
Resistance: 1.3070 - 1.3111 - 1.3147
Support: 1.3008 - 1.2966 - 1.2829
The dollar rose and the euro weakened as the pound traded mixed in European trade as traders awaited the new Brexit and trade war after US Commerce Secretary Wilbur Ross said on Monday that a "correct" trade deal with China was more important than signing in November. Ross: China's deal should be right, not quick The comments come after President Donald Trump said the "first phase" deal should be "easy…
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