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 : 249
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
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