GBPUSD: Momentum indicator highlights a slight divergence

GBPUSD pair daily chart shows a mildly bearish trend in the short term, however Momentum indicator highlights a slight divergence.

GBPUSD currency pair Wednesday June 21 close was 1.2675 (+0.34%). Marked a series of 3 consecutive higher lows. Technical analysis applied to the daily chart shows a mildly bearish trend in the short term, so for today trading session the forecast of price fluctuation could be between support and resistance levels. Although Momentum values confirm the negative trend, the indicator highlights a slight divergence which could favor a rebound in prices.

GBPUSD momentum divergence

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
GBPUSD quotes are below 14 day moving average (SMA value is 1.2777). The short term view is mildly bearish, however rebounds towards the most significant resistance levels are possible.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 21/06/2017.

Performance: 7 trading days= -0.57% – 15 trading days= -1.65% – 30 trading days= -1.65%

Resistance levels: R1= 1.2727 – R2= 1.2779 – R3= 1.2900
Pivot Point: 1.2658
Support levels: S1= 1.2606 – S2= 1.2537 – S3= 1.2416


Buying opportunity above 1.2704 targets minor resistance at 1.2770 and perhaps as far as strong resistance at 1.2817, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.2898.

Selling opportunity below 1.2643 targets minor support at 1.2577 and perhaps as far as strong support at 1.2529, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.2449.

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