Friday, September 16, 2016
GBP/USD: Stalls at the 1.3000 level
The
Pound versus the Dollar has been falling steadily during the past few trading
sessions. On Friday, the pair dropped rapidly towards the 1.3000 level where it
stalls as shown on the daily chart. The 1.3000 level could act as resistance
and the pair may try to bounce towards the 1.3100 level. A second visit to the
1.3000 level could cause the support to break and the pair may accelerate its
bearish momentum towards the 1.2850 level or the 1.2800 level. Above the 1.3100
level we can also see that the 1.3200 could act as resistance along with the 55
day exponential moving average, purple line, around the 1.3254 level. The angle
of inclination that the 55 day EMA has is showing us that the bearish trend has
gained more strength; therefore, there is a higher chance of seeing the pair
drop some more.
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An impressive slump!
ReplyDeleteThank you for the analysis.
ReplyDeleteThe FED news this week will have a big effect on this pair.
ReplyDeleteBig drop on the currency pair.
ReplyDeleteIncredible downward movement!
ReplyDeleteVery useful article.
ReplyDelete