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GBPUSD Forecast And Technical Analysis: 1.30600 Support

GBPUSD Forecast And Technical Analysis: 1.30600 Support

Published:09-23-2018

Pair / Instrument:GBPUSD

Fundamentals:

  1. GBPUSD sold off driven by signals that Brexit talks stalled.UK PM May said: No deal is bettern than a bad deal.May also said that the UK will continue preparations for scenario on no-deal Brexit.
  2. FED’s rate hike decision and FOMC meeting on Wednesday. A Fed’s hike is priced in, hints on December’s action will be critical.

Technical Indicators: 

On the weekly chart, Cable rejected EMA 50 at 1.33000 and ended the week below SMA 20.

On the daily chart the pair closed just above the EMA 50 support in the upper Bollinger Bands.RSI headed south.

On the H4 Chart, price is below EMA 50. MM 6/8 Pivot Major Reverse line is located at 1.30600.

Intraday Key Levels:

Upside:  1.31200   1.31750  1.32444

Downside: 1.30610   1.30200 ( SMA 100 Support ) 1.30000   1.29470

Chart Patterns: As seen on the chart we have a bullish new Cypher Pattern. Area of long entry 1.30600 – 1.30400. Targets of the pattern 1.30980 and 1.31400.

Our Comments: Nowadays; intraday trading Sterling pairs is like carying a bomb in your pocket due to Brexit related news. If the pair makes convincing closing below 1.30600, bearish pressure will continue and by the breakout of SMA 100 support at 1.30200, Cable is likely to test 1.29450 MM 4/8 Major Support on H4 Chart.

A firm closing above 1.30600 will lead the price 1.31200 and 1.31700.

 

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

GBPUSD Forecast : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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