New bearish technical picture drawn on GBP USD daily chart. The technical view is negative, Momentum oscillator confirms the downward trend.
GBP USD Thursday, December 15 close was at 1.2421 (-0.91%). New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), marked a third consecutive negative trading session. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend. We suggest to monitore today closing.
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Simple Moving Average (SMA)
Quotes are below the 14 days moving average (SMA value is 1.2587). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 15/12/2016.
Performance: 7 trading days= -1.64% – 15 trading days= -0.43% – 30 trading days= -0.78%
Resistance levels: R1= 1.2534 – R2= 1.2647 – R3= 1.2839
Pivot Point: 1.2455
Support levels: S1= 1.2342 – S2= 1.2263 – S3= 1.2071
Buying opportunity above 1.2471 targets minor resistance at 1.2535 and perhaps as far as strong resistance at 1.2587, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.2666.
Selling opportunity below 1.2399 targets minor support at 1.2337 and perhaps as far as strong support at 1.2287, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.2211.