GBR.IDX/GBP 4H Chart: Bounces off support - Trade Pattern Ideas - Dukascopy Bank
Tue, 08 Oct 2019 05:28:59 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Sell
Neutral
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The UK 100 index has depreciated about 5.44% in value against the British Pound since the beginning of October. A breakout occurred through the lower boundary of an ascending channel pattern at 7254.98 on October 2.
Although, the pair bounced off from a support level formed by the weekly S3 at 6986.44 during Friday's trading session.
As for the near future, the GBR.IDX/GBP pair will most likely continue to edge up. Bullish traders might aim for the weekly R1 at 7407.03.
However, a resistance cluster formed by the 200– hour simple moving average and the monthly S1 at 7254.74 could hinder such bullish movement.
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