GBR.IDX/GBP 4H Chart: Bullish momentum to continue - Trade Pattern Ideas - Dukascopy Bank

Tue, 05 Nov 2019 06:54:25 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)SellNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuySell
Aggregate

The GBR.IDX/GBP has been trading in a junior ascending channel pattern since the beginning of October. The pair has appreciated about 5.26% in value during this period.

The UK100 is currently trading near a resistance cluster formed by the weekly R2 and the upper boundary of the junior ascending channel at 7406.61.

If the resistance cluster holds, a decline towards the 55– hour simple moving average at 7300.23 could occur within this week's sessions.

However, if the pair breaks the resistance level, bullish traders might drive the price towards a psychological level at 7600.00 in the nearest future.


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