GBP/USD recovers from three-week low

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 70% 65% 7.14%
Shorts 30% 35% -16.67%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

GBP/USD halted at the 1.2960 mark on Friday, thus forming a triple bottom. The rate consequently went through the 55– and 100-hour SMAs, the latter of which has since provided strong support near the 1.30 mark. The Pound is trading sideways this morning, fluctuating around the newly-established weekly PP at 1.3001. It is likely that a support cluster formed by the aforementioned SMAs provides a strong barrier. By and large, no significant leaps either direction are expected today, resulting in a rather flat movement. The Pound, however, may still edge higher against the Greenback and approach the 1.3040 area.

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