Technical analysis applied to GBPUSD daily chart shows a neutral trend within a bearish short term trend. Selling opportunity below 1.2175.
GBPUSD Monday, March 13 close was at 1.2206 (+0.34%). Technical analysis applied to the daily chart shows a neutral trend within a bearish short term trend. For today trading session the forecast is for price movements between support and resistance levels. The major oscillators confirm the negative trend.
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Simple Moving Average (SMA)
GBPUSD quotes are below 14 days moving average (SMA value is 1.2305). The short term view remains bearish, however for today trading session we can’t exclude rebounds 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: 13/03/2017.
Performance: 7 trading days= -0.73% – 15 trading days= -2.25% – 30 trading days= -3.02%
Resistance levels: R1= 1.2254 – R2= 1.2301 – R3= 1.2399
Pivot Point: 1.2203
Support levels: S1= 1.2156 – S2= 1.2105 – S3= 1.2007
Buying opportunity above 1.2234 targets minor resistance at 1.2298 and perhaps as far as strong resistance at 1.2343, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.2421.
Selling opportunity below 1.2175 targets minor support at 1.2112 and perhaps as far as strong support at 1.2066, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.1989.