You are here: Home > articles > Forex > Technical Analysis – GBPUSD faces neutral-to-bearish risk in short term
Technical Analysis – GBPUSD faces neutral-to-bearish risk in short term
April 2, 2019 7:26 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for May 29-31, 2024: sell below $2,346 (oversold- 200 EMA) May 29, 2024
- Trading Signals for EUR/USD for May 29-31, 2024: sell below 1.0851 (21 SMA – 200 EMA) May 29, 2024
- GBP/USD: trading plan for the US session on May 29th (analysis of morning deals). The pound continues its correction May 29, 2024
- EUR/USD: trading plan for the US session on May 29th (analysis of morning deals). The euro is pushing in the channel May 29, 2024
- EUR/USD. May 29th. Bulls are running out of strength, but inflation can help them May 29, 2024
- GBP/USD. May 29th. The pound is not worried about the lack of drivers May 29, 2024
- US stock markets rally but volatility plunges – Stock Markets May 29, 2024
- Video market update for May 29, 2024 May 29, 2024
- Market Comment – Dollar trades sideways as focus turns to US yields May 29, 2024
- Nasdaq hits 17,000 milestone as market swings continue May 29, 2024
- Forex forecast 05/29/2024: EUR/USD, EUR/JPY, GBP/JPY and Oil from Sebastian Seliga May 29, 2024
- USD/JPY: trading tips for beginners for European session on May 29 May 29, 2024
- GBP/USD: trading tips for beginners for European session on May 29 May 29, 2024
- Will core PCE inflation spur a less hawkish Fed? – Preview May 29, 2024
- EUR/USD: trading tips for beginners for European session on May 29 May 29, 2024
- Technical Analysis – NZDUSD pauses advance at 61.8% Fibonacci May 29, 2024
- EUR/USD and GBP/USD: Technical analysis on May 29 May 29, 2024
- Trading plan for GBP/USD on May 29. Simple tips for beginners May 29, 2024
- Trading plan for EUR/USD on May 29. Simple tips for beginners May 29, 2024
- Technical Analysis of Intraday Price Movement of USD/CHF Main Currency Pairs, Wednesday June 05, 2024. May 29, 2024
GBPUSD returned to the downside on Tuesday after Monday’s closing above 1.31. The RSI is suggesting neutral trading in the short term as the index is curving up to reach its 50 neutral mark. Yet with the MACD stepping into the negative territory, the risk could be skewed to the downside.
The 200-day moving average currently at 1.2974 could act as immediate support if negative momentum accelerates. If the line proves a weak obstacle, the 1.2900 psychological level could be the next level to watch before attention shifts to the 1.2830 congested region. Further down, a slip below the February 14 low of 1.2772 could stage a bigger sell-off.
On the flip side, a reversal to the upside could retest the 1.31 round level, while higher the bullish action may pause between 1.3173 and 1.3256 identified by the peaks on November 7 and October 12 respectively. Should the rally continue, the 1.33 level could be the door for a full recovery.
Meanwhile in the medium-term, the pair is still holding a positive status thanks to the higher highs and higher lows registered over the past three months. Any decline below 1.28 could feed speculation that the upward pattern is nearing an end.
In brief, GBPUSD looks neutral-to-bearish in the short term, while in the medium-term the market maintains a bullish profile.
Related Posts: