The sideways trend with slight tendency to the downisde is dominating trading on the short term between the resistance level at 1.2730 and the support level at 1.2405. We see that the 100 day MA average on the four hour charts is at the resistance level. Momentum indicators have adjusted to show neutral momentom on the same time frame suggesting that if trading remains below the mentioned resistance level, the trend will be to the downside in an attempt to breach the support level.
The trading range for today is among the key support at 1.2405 and the key resistance at 1.2920
The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225
Support 1.2605 1.2585 1.2525 1.2485 1.2430
Resistance 1.2730 1.2745 1.2785 1.2835 1.2885
Recommendation Sell the pair below 1.2685 with targets at 1.2490 and stop loss with hourly close above 1.2785
Great British Pound (GBP)
The 1.5075 resistance was able to reverse the pair to the downside after the 23.6% correction level at 1.5050 halted further gains before reaching the key resistance. We still expect the downisde trend for the pair yet volatility could be evident. Only if the pair was able to build a solid base above the 38.2% correction at 1.5140 will it be able to reverse the trend.
The trading range for today is among the key support at 1.4690 and the key resistance at 1.5215
The general trend is to the downside as far as 1.9400 remains intact with targets at 1.4435 and 1.4095
Support 1.4910 1.4890 1.4840 1.4760 1.4715
Resistance 1.4985 1.5040 1.5075 1.5105 1.5140
Recommendation Buy the pair below 1.4980 with target at 1.4890 and 1.4840 and stop loss with hourly close above 1.5050
1 comment:
Fixe!
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