The GBP/USD pair fell from its resistance level on a 30 minute time frame. This resistance level was given in our analysis yesterday. The price action has clearly broken its downward channel with medium conviction to the upside. The pair is trading below the 50 day (shown in green) moving average but above its 100 day (shown in yellow) moving average. The price action also respects its upward trend line (shown in pink). All this suggests that the bulls are still somewhat in control however the price is becoming weaker.
The volatility for the pair remains low as the price is trading within the Bollinger band and near its 20 day moving average. The RSI is trading in line with the price action however it is approaching near its oversold zone.
Important Levels
Support Zone
1.5187-1.4168 Minor
1.5050-1.5025 Major
1.4929-1.4907 Major
1.4852-1.4830 Major
Resistance Zone
1.5330-1.5303 Minor
1.5382-1.5365 Major
1.5471-1.5432 Major
DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
by Naeem Aslam