GBP/USD is trading up with
0.11% at around 1.3208 today after excellent UK PMI numbers. The US dollar is taking a break to celebrate the Independence
Day and thus the Sterling received additional boost.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing between its moving averages and currently is stuck between the flat 50-day and 100-day SMA and daily low coincides with the bullish 20-day SMA. RSI is located slightly above its mid-line and is aiming south. Stochastic is seen within extreme oversold area and is also starting to turn bearish.
The 1.3215 – 1.3220 zone now is acting as first resistance and in case if broken next bullish target is seen at the 1.3300 hurdle. On the other hand the today’s up move is not sustainable having the readings on the same chart. Immediate support is provided by the 1.3160 level which is broken, we may expect the downfall to continue towards 1.3100 handle.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing between its moving averages and currently is stuck between the flat 50-day and 100-day SMA and daily low coincides with the bullish 20-day SMA. RSI is located slightly above its mid-line and is aiming south. Stochastic is seen within extreme oversold area and is also starting to turn bearish.
The 1.3215 – 1.3220 zone now is acting as first resistance and in case if broken next bullish target is seen at the 1.3300 hurdle. On the other hand the today’s up move is not sustainable having the readings on the same chart. Immediate support is provided by the 1.3160 level which is broken, we may expect the downfall to continue towards 1.3100 handle.
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