You are here: Home > articles > Forex > Technical Analysis – GBPUSD tests 200-day SMA; stochastics oversold
Technical Analysis – GBPUSD tests 200-day SMA; stochastics oversold
May 14, 2019 7:26 amVideo
Latest News
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
GBPUSD extended last week’s decline towards the 200-day simple moving average (SMA) on Monday and could lose further if the RSI and the MACD remain in bearish territory. The fast-stochastic oscillator, however, suggests that in the very short-term upside corrections are possible as the indicator heads for a bullish cross in oversold area.
The previous low of 1.2864 (bullish doji), which is slightly below the 50% Fibonacci of the upleg from 1.2393 to 1.3380, will be closely watched in case of additional bearish sessions as any break lower would return confidence to the downleg started from the 1.3380 peak. Further down, the next key support could be detected around the 61.8% Fibonacci and the February low of 1.2777.
Should the price jump above the 1.30 mark and the 20-day SMA, gains could last until the 50-day SMA currently at 1.3082. Moving higher, a decisive close above this month top of 1.3165 could drive the price up to the 1.3216-1.3256 area. If the market manages to overcome the latter, more buying may follow.
In the medium-term picture, the outlook remains neutral as long as the price fluctuates within the 1.2777-1.3380 area. The flattening 50- and the 200-day SMAs signal that an outlook reversal may not happen soon.
Related Posts: