Technical Analysis – GBPUSD tries to recoup some losses
April 18, 2024 1:25 pm
GBPUSD rebounds off 1.2405
Price remains beneath trading range
Bearish in the short-term view
GBPUSD is rising after the pullback near the 1.2400 level but remains in a short-term bearish tendency. The technical oscillators are showing some mixed signs. The MACD is extending its negative momentum beneath its trigger and zero lines; however, the stochastic posted a bullish crossover within its %K and %D lines in the oversold territory, indicating a potential upside recovery.
If the price continues the upside movement, immediate resistance could come from the 1.2495-1.2520 restrictive region, ahead of the potential negative cross within the 20- and the 200-day simple moving averages (SMAs) near 1.2570. Even higher, the pair may retest the descending trend line at 1.2610.
On the other hand, a decline below the recent low of 1.2405 could meet the 1.2370 support level. Steeper decreases could send the market towards the 1.2180 barricade, taken from the lows on November 10.
All in all, GBPUSD has been in a bearish tendency in the near term after the penetration beneath the long-term trading range of 1.2520-1.2820. A climb above the diagonal line could switch the outlook back to a neutral one.
GBPUSD rebounds off 1.2405
Price remains beneath trading range
Bearish in the short-term view
GBPUSD is rising after the pullback near the 1.2400 level but remains in a short-term bearish tendency. The technical oscillators are showing some mixed signs. The MACD is extending its negative momentum beneath its trigger and zero lines; however, the stochastic posted a bullish crossover within its %K and %D lines in the oversold territory, indicating a potential upside recovery.
If the price continues the upside movement, immediate resistance could come from the 1.2495-1.2520 restrictive region, ahead of the potential negative cross within the 20- and the 200-day simple moving averages (SMAs) near 1.2570. Even higher, the pair may retest the descending trend line at 1.2610.
On the other hand, a decline below the recent low of 1.2405 could meet the 1.2370 support level. Steeper decreases could send the market towards the 1.2180 barricade, taken from the lows on November 10.
All in all, GBPUSD has been in a bearish tendency in the near term after the penetration beneath the long-term trading range of 1.2520-1.2820. A climb above the diagonal line could switch the outlook back to a neutral one.
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