GBP/USD could go downwards - Technical Analysis - Dukascopy Bank

Wed, 28 Oct 2020 10:00:05 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs49%50%-1.6%
Shorts51%50%1.6%
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralBuyBuy
SAR(0.02;0.2)SellBuySell
Aggregate

Yesterday, the GBP/USD exchange rate tested the resistance provided by the 100-hour SMA near 1.3070. During Wednesday morning, the rate pierced the lower line of the medium-term ascending channel.

From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could re-test the 100-hour SMA.

If the given channel does not hold, it is likely some downside potential could prevail in the market, and the exchange rate could target the weekly S1 at the 1.2911 mark.


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