GPB/USD tends to reach monthly R1

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 62% 62% 0.00%
Shorts 38% 38% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The currency exchange rate continues to gradually climb upstairs in a rising wedge pattern. More specifically, the first week of August the pair started in a limbo between the upper trend-line from the top and a combination of the 20- and 55-hour SMAs as well as the weekly PP from the bottom. In the upcoming hours this barrier should become additionally strengthened by the approaching 100-hour SMA. For this reason, the rate is expected not to fall below the 1.3095 level. Since there are also no important data releases today, the pair should continue to move towards the pattern's northern boundary. William's fractals suggest that the surge might be stopped already near the 1.3160 mark, which, in turn, would lead to formation of a short-term ascending triangle.

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