Best Opportunities, Vision and Technical Analysis for the GBP/USD pair 17 April 2019
2019-04-16 11:04 pm | Resource: Technical Analysis | No Views : 223
Time frame Used - four hours
The GBP-USD is moving in a sideway direction in the near term.
The bears were able to control the movement of the GBP/USD pair once again to retreat below 1.3070 level as the GBP-USD still faces resistance and selling pressure around 1.3111 level as the GBP/USD pair is moving in a 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 retreat below 1.3070 level to target 1.3008 - 1.2966 levels and this scenario fails in case of stability above 1.3070 level.
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 BRICC as well as British consumer prices on an annual basis at 8.30 am GMT, as well as British producer price input and output data on a monthly basis at 8.30 am as well as the release of UK retail prices on an annual basis at 8:30 am GMT.
• On the other hand, the US Trade Balance data will be released at 12:30 GMT, as well as the final reading of US wholesale inventories on a monthly basis at 2 pm GMT.
Resistance: 1.3111 - 1.3169 - 1.3240
Support: 1.3008 - 1.2966 - 1.2829
The US dollar rallied against major currencies in early European trade on Friday, as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole seminar amid intense pressure from President Donald Trump to offer sharp interest rate cuts to help support the economy. Further evidence of interest rate outlook awaits. The minutes of the July FOMC meeting on Wednesday showed that most officials noticed the rate cut in…
- USD and CHF stabilize as Yen rises amid uncertainty concerns 01:18 pm2019-08-22
- US dollar edged higher against major Ahead of Fed Minutes 01:05 pm2019-08-21
- Dollar stabilizes as euro fell under political pressure due to Brexit 01:13 pm2019-08-20
- Pound is falling against the major currencies due to Brexit pressure 01:05 pm2019-08-19
- US dollar traded higher with the erosion of growing trade war fears 01:13 pm2019-08-16
- Dollar's decline and bonds shattered historical returns 01:13 pm2019-08-15
- Euro rises as European shares fall after weak German data 12:50 pm2019-08-14
- British pound falls to its lowest level since January 2017 12:42 pm2019-08-09
- Dollar stabilizes amid anticipation of trade war developments 02:47 pm2019-08-08