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 : 217
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 .
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
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