The GBP/USD has bounced from its support zone on a 30-minute time frame. We are forming a double bottom at the moment, however, the upward move is strictly capped by the 50-day moving average (shown in green). Moreover, we are also trading below the 100-day (shown in yellow) moving average, which means that the bias could be to the downside.
The RSI and the CCI indicators are showing an early sign of reversal in terms of negative divergence in relation to the price action. Therefore, the bias could be to the upside.
GBP/USD" title="GBP/USD" align="bottom" border="0" height="242" width="474">
Important Zones
Resistance Zone
- 1.6873-1.6840 Major
Support Zone
- 1.6614-1.6591 Minor
- 1.6454-1.6421 Major