Monday, February 6, 2017
The Pound is stuck at the 55 EMA
The
GBP/USD has come back to the 55 day EMA and stays stuck at that level, around
the 1.2437 zone. The 55 day EMA is acting once again as a support for the pair,
but a breakdown of that zone could accelerate the drop towards the 1.2300
level. The more the price tests a support or resistance, the faster it
accelerates in direction of the breakout. In the case of the GBP/USD daily
chart we can see that the price has already tested the 55 day EMA three times;
therefore, the drop could be significant in case it breaks below it. To the
downside, below the 1.2300 level, the next support levels could be any of the
round number zones like the 1.2200, the 1.2100, or the 1.2000. In case the pair
bounces to the upside from the 55 day EMA, it may try to go and visit the
1.2600 level, but it has to confirm breakout of that zona in order for the
GBP/USD to go back to its bullish trend. Above the 1.2600 level, its next
resistance could be the 1.2800 level.
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It rebounded from 1.2437.
ReplyDeleteIt could be a good turning point.
ReplyDeleteThe move to the downside continues.
ReplyDeleteThe pair is yet indecisive.
ReplyDeleteThank you for the relevant information.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteVery useful, thank you for sharing.
ReplyDeleteDownside is limited.
ReplyDelete