GBP-USD : The bullish signals are intact
Date of analysis 04 December 17
- Opinion Short Term Positive
- Resistance 1 1.37USD
- Support 1 1.33USD
- Opinion Mid Term Bullish
- Support 2 1.31USD
- Resistance 2 1.38USD
Above 1.33 USD the major trend remains bullish. 1.37 USD and 1.38 USD are in the line of sight. The breaking of 1.33 USD would cancel this anticipation and favor a correction toward 1.31 USD.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. We can see that the bullish potential of the RSI has not been exhausted. As for the Stochastics, they are in the overbought area, making a correction likely in the short term. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The cross is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this cross is reliable in the medium term. The first buy levels are on the supports situated at 1.33 USD, then at 1.31 USD; only the resistances, placed at 1.37 USD, then at 1.38 USD, could contain the prices.