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GBP/USD:Technical Analysis - May 29, 2013

Published 05/29/2013, 07:39 AM
Updated 02/02/2022, 05:40 AM
GBP/USD
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ACT
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The GBP/USD is trading within the downward channel on a 30 minute time frame. The price has just broken its 50 day moving average (shown in green) to the upside, but is still trading below the 200 day moving average. This suggests that the bulls have started to take the control. However, the recent upward move by price was capped by the 23.6 retracement level of Fibonacci, and has since failed to break this level which represents a weakness in the price.

The RSI is trading in line with the price action which means bias could be towards the upside.

<span class=GBP/USD M30" title="GBP/USD M30" width="1461" height="735">
Important Levels

Support Zone
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

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