On Friday, the GBP/USD pattern broke the upward trend line on a 30 minute time frame. The price also traded below the 50 day (shown in green) and 100 day (shown in yellow) moving averages, which represents a shift in control from the bulls to the bears. The volatility for the pair is high as the price pierced the Bollinger Band®, but there was no significant level of support zone there.
The RSI bounced back up from the oversold region and traded line with the price action, meaning that the bias could be to the upside.
GBP/USD">
Important Levels
Resistance Zones
1.6039-1.6007 Major
1.5892-1.5848 Major
1.5809-1.5774 Minor
Support Zone
1.5460-1.5429 Minor
1.5148-1.5108 Major
1.5034-1.5005 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