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GBPUSD Technical analysis 16 August 2018

2018-08-15 11:02 pm | Resource: Technical Analysis | No Views : 67

Time frame Used - four hours
The GBPUSD is moving in a bearish direction in the near term
GBPUSD CHART
The bears was able to control movement of the GBPUSD to break down level of  1.2948 down to the 1.2660 level  trying to consolidate above this level
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area level and there is  a positive divergence between the indices and prices
Therefore we expect that the GBPUSD will rebound higher to target level of  1.2829
The alternative scenario is that the GBPUSD break level of 1.2660 down to target the 1.2595 level
Resistance: 1.2829 - 1.2948 - 1.3065
Support: 1.2660 - 1.2595 - 1.2504
Direction: Down
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