GBP/USD remains above 1.2800 - Technical Analysis - Dukascopy Bank

Tue, 29 Oct 2019 11:18:38 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs37%37%0.5%
Shorts63%63%-0.3%
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)SellBuyNeutral
SAR(0.02;0.2)BuyBuyBuy
Aggregate

Yesterday, the GBP/USD exchange rate tested the resistance formed by the 100-hour moving average at 1.2858. During Tuesday morning, the rate was trading near the given resistance.

It is unlikely, that some upside potential could prevail in the market, as the currency pair is pressured by the 200-hour SMA at 1.2883. The pair could decline lower than the 1.2800 level within the following trading session.

However, if the given resistance hold, the British Pound could extend gains against the US Dollar in the short run. However, it is unlikely that the rate could exceed the Fibonacci 38.20% retracement at 1.2918.


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