The GBP/USD pair is trading in a resistance zone on 30 minute time frame. The price has pierced the Bollinger band® at this level, and is trading above its 20-day moving average. The piercing of the Bollinger Band® does have a significant importance when this occurs at an important level of support or resistance. In this scenario, the GBP/USD has pierced the Bollinger band at an important level of resistance, and it could reverse the trend or bring a temporary pause in this upward trend.
Bull Scenario
The price is trading above the 50 day (shown in green) and the 100-day (shown in yellow) moving averages, which means that the bulls are fully in control. The price has failed to break the upward trendline, which further strengthens this argument.
The RSI is trading in line with the price action, which means that the bias could be to the upside.
GBP/USD M30" title="GBP/USD M30" width="1443" height="732">
Important Level
Resistance level
1.5590-1.5555 Major
1.5510-1.5490 Major
1.5457-1.5432 Minor
Support Zone
1.5257-1.5232 Minor
1.5164-1.5137 Minor
1.5031-1.5003 Major
1.4929-1.4907 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
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GBP/USD In A Resistance Zone
Published 06/06/2013, 07:49 AM
Updated 02/02/2022, 05:40 AM
GBP/USD In A Resistance Zone
Bear Scenario
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