The
exponential moving averages may act as support and resistance zones, especially
the 200 period EMA. But the 55 period EMA may also act as support or
resistance. On the daily chart of the GBP/USD we can see that the pair has
retraced 50% of the latest rally and reaches the 1.4400 level, which coincides
with the 55 day EMA, purple line. At the moment, the pair may try to bounce to
the upside from this point. Above the 1.4400 level, the 200 day EMA may act as
resistance. Below the 1.4400 level, the 61.8% Fibonacci Retracement, along with
the 1.4300 level may act as support.
Important information, will keep it in mind!
ReplyDeleteThe pair bounced off 1.4400 again.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGood review!
ReplyDeleteHelpful article!
ReplyDeleteInformative post.
ReplyDeletePound is still driving by the uncertainty.
ReplyDelete