GBPUSD: Weak And Vulnerable Medium Term
gbp usd
The price is moving inside the channel and currently we are seeing price fluctuations inside the range of the ab=cd pattern. By having supply pressure fueled up in the market the ground for a drop in the price will be prepared.
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
GBPUSD: With a reversal of its one-day recovery occurring on Tuesday following a sell off, there is risk of further weakness though seen hesitating. The immediate support is at the 1.4930/00 area where a violation will push it further lower towards the 1.4750 level. Further down, support comes in at the 1.4700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, GBP will have to break and hold above the 1.5003/7 levels to halt its broader weakness and bring further upside towards the 1.5050 level. On continued recovery, resistance comes in at the 1.5100 level. On the whole, GBP continues to retain its downside bias in the short term.