🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

GBP/USD: Technicals Pointing To A Pause In Rally

Published 04/29/2013, 07:18 AM
Updated 02/02/2022, 05:40 AM
GBP/USD
-
GUID
-
ACT
-

THE GBP/USD pair is trading in its major resistance zone (mentioned below) which could reverse/pause this uptrend. The price action is also approaching the upper line of the rising channel, which could act like the upper trendline. The volatility for the pair is also increasing, as the price is nearly piercing the Bollinger band® . Piercing of the Bollinger Band® at an important level is usually considered by traders as an odd enhancer, and this could start a downtrend.

<span class=GBP/USD M30" title="GBP/USD M30" width="1419" height="739">
The RSI is showing the clear sign of deflection in relation to the price action, which means strong bias could be towards the downside.

Important Levels
Support Zone
1.5067-1.5020 Major
1.5409-1.5388 Minor

Resistance Zone
1.5510-1.5554 Major
1.5686-1.5648 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


Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.