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Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 16 April 2019

2019-04-16 09:00 am | Resource: Technical Analysis | No Views : 272

We offer you the analysis of the pound against the US dollar on Tuesday, April 15, 2019 with the most important expectations for the pound against the US dollar in the market.
Time frame Used - four hours
The GBP-USD is moving in a sideway direction in the near term.
The GBP/USD is still facing resistance and selling pressure around 1.3111 level as the GBP-USD is trading range between 1.3008 - 1.3111 levels .
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
Therefore, we expect that the GBP-USD will break above 1.3111 level to target 1.3196 - 1.3240 levels and this scenario fails in case of instability 1.3070.
The alternative scenario is that the GBP/USD pair is retreating to 1.3008 - 1.2966 levels .
Big Picture
Looking at the daily chart of the GBP-USD pair, we see that the GBP/USD pair is witness successive selling pressure around level 1.3176.

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 release of British Unemployment Rate data at 8:30 am GMT, as well as the release of the average income index on a quarterly basis at 8:30 am GMT.
• On the other hand, the US Federal Reserve's Rosengren will be broadcast at 12 am GMT, in addition to the release of US industrial production data on a monthly basis at 1.15 pm GMT, as well as the release of the US housing market data at NAHB at the full hour 2 pm GMT.
Resistance: 1.3111 - 1.3169 - 1.3240
Support: 1.3008 - 1.2966 - 1.2829
Direction: sideway
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