The GBP/USD pair has completed its symmetrical pattern on a 30 minute time frame as we mentioned in our analysis yesterday. The pair is also trading in a downward channel on the same time frame. The price is trading below the 50 day (shown in green) and 100-day (shown in yellow) moving averages, which means technical sentiment could be still bearish.
However, the RSI is showing a clear sign of deflection in relation to the price action which suggests that bias could be towards the upside.
GBP/USD M30" title="GBP/USD M30" width="1421" height="736">
Important Levels
Support Zone
1.5050-1.5025 Major
1.4929-1.4907 Major
1.4852-1.4830 Major
Resistance Zone
1.5258-1.5236 Minor
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