You are here: Home > articles > Forex > Technical Analysis – GBPUSD retains sideways movement between 1.2690 – 1.3255
Technical Analysis – GBPUSD retains sideways movement between 1.2690 – 1.3255
November 20, 2018 8:26 amVideo
Latest News
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
GBPUSD remains under negative pressure as it declined below the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660, around 1.3065. Momentum indicators, signal that the market holds in a consolidation mode in the short-term as the RSI indicator is flattening below its threshold of 50, while the MACD oscillator stands below the trigger and zero lines with weak movement.
A bounce up could see immediate resistance at the 20-day simple moving average (SMA), which hovers near the 1.2900 handle, while even higher the 40-day SMA around 1.2985 could act as major resistance as well. Slightly higher, the 23.6% Fibonacci could be the next level to have in focus, while if this fails to hold, bullish actions may then try to overcome the previous peak and touch the 1.3170 resistance.
On the flipside, the focus will shift to the immediate support area between the 14-month low of 1.2660 and the 1.2690 level. Further declines may open the way towards 1.2580 where the price registered significant rebound on June 2017.
Having a look at the longer picture, GBPUSD retains the neutral outlook over the past four months, ranging between 1.2690 and 1.3255. Any penetration of this regions would adjust the market sentiment accordingly; a close above 1.3255 would bring a more bullish view back into play, however a daily closing candle below 1.2690 would resume the bearish phase.
Related Posts: