GBP/USD could trade sideways

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs73%74%-0.4%
Shorts27%26%1.0%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

During previous trading session, the GBP/USD exchange rate tumbled to the psychological level at 1.2440. During Friday's morning, the rate traded at the given level.

Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.2470, it is likely, that some downside potential could prevail in the market. However, note, that the rate has to surpass the support level at the 1.2426 mark.

If the given support level does not hold, it is expected, that the pair could decline to the weekly S1 at 1.24026. Otherwise, the rate could trade sideways between the given resistance and support.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.