Tuesday, 29 November 2016

GBP/USD: Posting Highs But Still Remains Range Bound

Before the release of the money and credit UK data today the GBP/USD pair has been struck within the 1.24 levels. But the better-than-expected reports pushed the pair higher to reach daily high at 1.2526. Afterwards the retreated slightly and the current market price is 1.2492. 
As it is clearly seen on the H4 chart the pair crossed over the 20-day, 100-day and 200-day exponential moving averages, but meanwhile the 100-day and 200-day EMAs are staying flat, which is hinting neutral shades. 
RSI is muted on 56.50 level while stochastic is pointing north, nearing extreme overbought conditions, but displaying bullish momentum. 
The cable held above the daily prevailing mood from 1.2380 area, but still the pair is capped by the strong resistance at 1.2529.