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GBP/USD Technical analysis 10 January 2019

2019-01-10 12:04 am | Resource: Technical Analysis | No Views : 106

Time frame Used - four hours
The GBPUSD is moving in a sideway direction in the near term.
The GBPUSD is still facing resistance and selling pressure around the resistance level of 1.2816 , but it is worth noting that the GBPUSD pair has once again rebounded from the top of the Bollinger 20 moving average line.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we expect that the GBPUSD will breach level of  1.2816 to upside for targeting levels of  1.2883 - 1.2950, and this scenario would fail if the GBP/USD broke the 1.2690 level down.
The alternative scenario is that the GBPUSD violent level of 1.2690 down to drop to levels of  1.2600 - 1.2525.
Our view is neutral about GBPUSD currently.
The fundamental overview
• On the economic data level, traders will follow up on the latest news about the BREXIT.
• On the other hand, US Treasury Secretary Paul Powell's speech will be issued at 7:30 am GMT.
Resistance: 1.2816 - 1.2883 - 1.2950
Support: 1.2690 - 1.2615 - 1.2478
Direction: sideway
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