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 : 265
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
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