GBP/USD likely to decline - Technical Analysis - Dukascopy Bank

Mon, 02 Nov 2020 10:22:29 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs55%54%1.0%
Shorts45%46%-1.2%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

The GBP/USD exchange rate could continue to trade downwards within the short-term descending channel.

From a theoretical perspective, it is likely that the currency pair could continue to depreciate within the predetermined channel in the short term. The pair could decline to the monthly S1 at 1.2817.

Meanwhile, the exchange rate could gain support from the weekly S1 at 1.2863 and breach the given trend north. In this case the rate could target the 200-hour SMA near 1.3020.


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