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

Mon, 11 Jan 2021 09:56:43 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs37%37%-0.8%
Shorts63%63%0.5%
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralSell
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

As apparent on the chart, the GBP/USD exchange rate breached the descending triangle pattern south and pierces the weekly S1 at 1.3506.

It is likely that some downside potential could continue to prevail in the market within the following trading session. Note that the currency pair could gain support from the weekly S2 at 1.3433.

Meanwhile, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the 1.3560/1.3605 area due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.


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