Technical Analysis

GBP/USD tests resistance level
Fri, 16 Aug 2019 10:01:52 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs72%75%-3.1%
Shorts28%25%8.3%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralBuyBuy
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

During Thursday, the GBP/USD exchange rate was volatile as opposition parties of the UK Parliament started a plan to stop a no-deal Brexit. During today's morning, the rate jumped to the resistance level—the weekly R1 at 1.2156.

If the given resistance holds, it is likely, that a reversal south could occur in the nearest future. The rate could trade sideways between the given resistance and the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2077/1.2106 range until the next week.

If the given resistance does not hold, the currency pair could continue to extend gains. In this case, a possible upside target could be the psychological level at the 1.2180 mark.


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