Technical Analysis – GBPUSD meets steep ascending line
GBPUSD is bullish in short-term and neutral in long-term
Stochastics and RSI indicate negative pressure
The technical oscillators are showing signs of more downside pressure. The stochastic is creating a bearish crossover within its %K and %D lines, while the RSI is falling near the neutral threshold of 50.
If the bears take the upper hand, the market may challenge the immediate support region of 1.2360-1.2670 ahead of the 50- and the 200-day SMAs at 1.2612 and 1.2545.
In the positive scenario, a potential bounce off the diagonal line may push the market until the significant 1.2820 resistance, which is also the upper boundary of the long-term trading range. More advances could see the pair reaching the six-month peak of 1.2892.
In brief, GBPUSD has been in a consolidation of 1.2300 to 1.2820 since November 14 in the long-term picture but in the near-term is looking bullish unless there is a break beneath the rising trend line.Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
